Arconic Co. (NYSE:ARNC) Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its stake in shares of Arconic Co. (NYSE:ARNC – Get Rating) by 134.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,330 shares of the basic materials company’s stock after purchasing an additional 49,502 shares during the period. Russell Investments Group Ltd. owned 0.09% of Arconic worth $1,827,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ARNC. BlackRock Inc. increased its position in shares of Arconic by 5.1% during the first quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock worth $520,389,000 after acquiring an additional 991,281 shares during the period. Vanguard Group Inc. grew its holdings in shares of Arconic by 0.9% during the third quarter. Vanguard Group Inc. now owns 11,898,182 shares of the basic materials company’s stock worth $202,745,000 after purchasing an additional 111,451 shares during the last quarter. State Street Corp grew its holdings in shares of Arconic by 50.5% during the first quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock worth $211,093,000 after buying an additional 2,765,816 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Arconic by 28.3% during the third quarter. Dimensional Fund Advisors LP now owns 2,681,438 shares of the basic materials company’s stock worth $45,694,000 after buying an additional 591,881 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Arconic by 2.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,571,862 shares of the basic materials company’s stock worth $26,785,000 after buying an additional 32,700 shares during the last quarter. 93.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ARNC has been the subject of a number of research reports. The Goldman Sachs Group downgraded shares of Arconic from a “neutral” rating to a “sell” rating and reduced their price target for the company from $23.00 to $21.00 in a research report on Tuesday, February 28th. Benchmark cut shares of Arconic from a “buy” rating to a “hold” rating in a research note on Friday, May 5th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Arconic from $23.00 to $21.00 in a research note on Wednesday, February 22nd. StockNews.com initiated coverage on shares of Arconic in a report on Tuesday, May 16th. They set a “hold” rating on the stock. Finally, Wolfe Research lowered shares of Arconic from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 12th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.67.

Arconic Price Performance

NYSE ARNC opened at $28.88 on Tuesday. The company has a 50-day moving average price of $26.48 and a two-hundred day moving average price of $24.10. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -14.16 and a beta of 1.91. Arconic Co. has a 52 week low of $16.33 and a 52 week high of $31.24. The company has a current ratio of 1.52, a quick ratio of 0.70 and a debt-to-equity ratio of 1.14.

Arconic (NYSE:ARNC – Get Rating) last released its earnings results on Thursday, May 4th. The basic materials company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.85 billion. Arconic had a negative net margin of 2.29% and a positive return on equity of 8.21%. The firm’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. Analysts forecast that Arconic Co. will post 1.5 EPS for the current year.

About Arconic

(Get Rating)

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.