Raymond James Financial Services Advisors Inc. Sells 1,018 Shares of Arconic Co. (NYSE:ARNC)

Raymond James Financial Services Advisors Inc. lowered its stake in shares of Arconic Co. (NYSE:ARNC – Get Rating) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,236 shares of the basic materials company’s stock after selling 1,018 shares during the period. Raymond James Financial Services Advisors Inc. owned approximately 0.10% of Arconic worth $1,759,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. raised its position in shares of Arconic by 3.6% during the third quarter. Stratos Wealth Partners LTD. now owns 24,379 shares of the basic materials company’s stock worth $415,000 after purchasing an additional 858 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Arconic during the third quarter worth about $837,000. Hedges Asset Management LLC raised its position in shares of Arconic by 44.4% during the third quarter. Hedges Asset Management LLC now owns 19,200 shares of the basic materials company’s stock worth $327,000 after purchasing an additional 5,900 shares during the period. Everence Capital Management Inc. raised its position in shares of Arconic by 27.1% during the third quarter. Everence Capital Management Inc. now owns 18,740 shares of the basic materials company’s stock worth $319,000 after purchasing an additional 3,990 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Arconic during the second quarter worth about $569,000. Institutional investors own 93.90% of the company’s stock.

Arconic Stock Down 1.4 %

Shares of Arconic stock opened at $23.33 on Thursday. The business’s 50 day simple moving average is $21.92 and its 200 day simple moving average is $23.37. Arconic Co. has a 52-week low of $16.33 and a 52-week high of $33.84. The firm has a market cap of $2.37 billion, a PE ratio of 51.85 and a beta of 2.02. 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:ARNC – Get 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 1.4 earnings per share for the current fiscal year.

Arconic declared that its board has authorized a stock buyback program on Wednesday, November 16th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are 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. Insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

ARNC has been the topic of a number of research analyst reports. StockNews.com lowered Arconic from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. The Goldman Sachs Group dropped their target price on Arconic from $35.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, October 13th. Benchmark dropped their target price on Arconic from $30.00 to $26.00 in a research report on Thursday, December 15th. Finally, Deutsche Bank Aktiengesellschaft lowered Arconic from a “buy” rating to a “hold” rating and dropped their target price for the company from $23.00 to $22.00 in a research report on Thursday, November 3rd.

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.