Canada Pension Plan Investment Board Trims Stake in Arconic Inc. (ARNC)

Canada Pension Plan Investment Board cut its stake in shares of Arconic Inc. (NYSE:ARNC) by 85.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 74,668 shares of the basic materials company’s stock after selling 429,481 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Arconic were worth $1,858,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ARNC. Harris Associates L P increased its position in shares of Arconic by 151.0% during the second quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock worth $304,398,000 after acquiring an additional 8,084,588 shares during the period. Orbis Allan Gray Ltd increased its holdings in Arconic by 50.9% during the second quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock valued at $517,132,000 after buying an additional 7,696,839 shares during the period. Permian Investment Partners LP purchased a new position in Arconic during the second quarter valued at approximately $34,975,000. Dimensional Fund Advisors LP increased its holdings in Arconic by 33.8% during the second quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock valued at $131,682,000 after buying an additional 1,468,173 shares during the period. Finally, Prudential Financial Inc. increased its holdings in Arconic by 194.2% during the second quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock valued at $42,126,000 after buying an additional 1,227,740 shares during the period. 72.06% of the stock is currently owned by institutional investors and hedge funds.

Arconic Inc. (NYSE:ARNC) opened at $23.85 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15. Arconic Inc. has a 1-year low of $18.47 and a 1-year high of $30.69. The stock has a market cap of $11,479.58, a price-to-earnings ratio of 23.38 and a beta of 0.88.

Arconic (NYSE:ARNC) last released its quarterly earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.02). Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The firm had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. sell-side analysts anticipate that Arconic Inc. will post 1.16 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Thursday, November 2nd. Arconic’s dividend payout ratio is currently -15.09%.

Several equities analysts recently issued reports on the stock. Cowen and Company reissued a “hold” rating and set a $25.00 price objective on shares of Arconic in a report on Tuesday, October 31st. Vetr lowered shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 price objective on the stock. in a report on Tuesday, July 25th. Zacks Investment Research lowered shares of Arconic from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Seaport Global Securities reissued a “buy” rating and set a $29.00 price objective (up from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Finally, Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Tuesday, August 22nd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Arconic presently has an average rating of “Buy” and an average target price of $28.33.

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About Arconic

Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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