Swiss National Bank Has $6.94 Million Stake in Arconic Co. (NYSE:ARNC)

Swiss National Bank raised its stake in Arconic Co. (NYSE:ARNCGet Rating) by 3.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 247,400 shares of the basic materials company’s stock after buying an additional 8,200 shares during the quarter. Swiss National Bank owned 0.24% of Arconic worth $6,940,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its stake in Arconic by 1.6% in the second quarter. Envestnet Asset Management Inc. now owns 33,283 shares of the basic materials company’s stock valued at $934,000 after buying an additional 537 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Arconic by 9.5% in the second quarter. Nisa Investment Advisors LLC now owns 6,895 shares of the basic materials company’s stock worth $193,000 after acquiring an additional 600 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Arconic by 2.9% in the second quarter. SG Americas Securities LLC now owns 21,910 shares of the basic materials company’s stock worth $615,000 after acquiring an additional 619 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Arconic by 21.9% in the first quarter. Captrust Financial Advisors now owns 3,666 shares of the basic materials company’s stock worth $94,000 after acquiring an additional 659 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its holdings in shares of Arconic by 5.5% in the first quarter. Mutual of America Capital Management LLC now owns 15,345 shares of the basic materials company’s stock worth $393,000 after acquiring an additional 796 shares in the last quarter. Institutional investors and hedge funds own 95.87% of the company’s stock.

Arconic Stock Up 4.7 %

Shares of Arconic stock opened at $21.33 on Wednesday. The business’s 50 day simple moving average is $19.87 and its 200 day simple moving average is $24.93. Arconic Co. has a 52-week low of $16.33 and a 52-week high of $35.74. The firm has a market cap of $2.16 billion, a PE ratio of 47.40 and a beta of 2.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.78 and a current ratio of 1.65.

Arconic (NYSE:ARNCGet Rating) last posted its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.14). The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. Arconic had a return on equity of 8.54% and a net margin of 0.58%. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the firm earned $0.15 EPS. On average, analysts predict that Arconic Co. will post 1.15 earnings per share for the current fiscal year.

Arconic declared that its Board of Directors has approved a stock buyback program on Wednesday, November 16th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the basic materials company to repurchase up to 9.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director William F. Austen purchased 10,000 shares of the stock in a transaction on Monday, November 21st. The shares were purchased at an average price of $19.84 per share, with a total value of $198,400.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $198,400. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director William F. Austen purchased 10,000 shares of the stock in a transaction on Monday, November 21st. The shares were purchased at an average price of $19.84 per share, with a total value of $198,400.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $198,400. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Diana B. Perreiah sold 4,015 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $27.40, for a total value of $110,011.00. Following the transaction, the executive vice president now directly owns 126,204 shares in the company, valued at approximately $3,457,989.60. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ARNC shares. StockNews.com downgraded Arconic from a “buy” rating to a “hold” rating in a report on Friday, October 7th. Deutsche Bank Aktiengesellschaft downgraded Arconic from a “buy” rating to a “hold” rating and lowered their price target for the stock from $23.00 to $22.00 in a report on Thursday, November 3rd. The Goldman Sachs Group decreased their price objective on Arconic from $35.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, October 13th. Finally, Benchmark dropped their target price on Arconic from $35.00 to $30.00 in a research report on Wednesday, November 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Arconic has an average rating of “Hold” and an average target price of $28.50.

Arconic Profile

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Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, the United Kingdom, and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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