BlackRock Inc. decreased its holdings in shares of Arconic Inc (NYSE:ARNC) by 4.5% in the second quarter, HoldingsChannel reports. The firm owned 32,806,720 shares of the basic materials company’s stock after selling 1,561,094 shares during the quarter. BlackRock Inc. owned approximately 0.07% of Arconic worth $847,069,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. TRUE Private Wealth Advisors purchased a new position in shares of Arconic during the 2nd quarter worth approximately $104,000. Man Group plc purchased a new position in shares of Arconic during the 2nd quarter worth approximately $133,000. Dupont Capital Management Corp purchased a new position in shares of Arconic during the 2nd quarter worth approximately $168,000. C M Bidwell & Associates Ltd. grew its holdings in shares of Arconic by 340.1% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 7,130 shares of the basic materials company’s stock worth $184,000 after acquiring an additional 5,510 shares during the period. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in shares of Arconic during the 2nd quarter worth approximately $211,000. 82.17% of the stock is owned by institutional investors and hedge funds.

Several analysts recently weighed in on ARNC shares. JPMorgan Chase & Co. upgraded Arconic from a “neutral” rating to an “overweight” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. Morgan Stanley upped their price target on Arconic from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. ValuEngine downgraded Arconic from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. TheStreet upgraded Arconic from a “c” rating to a “b” rating in a research note on Tuesday. Finally, Barclays upgraded Arconic from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $20.00 to $31.00 in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $27.47.

In related news, insider Timothy Donald Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total value of $253,300.00. Following the transaction, the insider now directly owns 23,759 shares of the company’s stock, valued at approximately $601,815.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder International L.P. Elliott sold 1,181,135 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $24.51, for a total value of $28,949,618.85. Following the completion of the transaction, the insider now directly owns 15,325,823 shares in the company, valued at $375,635,921.73. The disclosure for this sale can be found here. Insiders sold a total of 7,205,556 shares of company stock worth $179,707,601 over the last ninety days. 0.14% of the stock is currently owned by insiders.

Arconic stock opened at $28.97 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $12.99 billion, a P/E ratio of 21.30 and a beta of 1.49. The stock’s 50 day moving average is $26.84 and its 200 day moving average is $24.83. Arconic Inc has a twelve month low of $15.63 and a twelve month high of $29.55.

Arconic (NYSE:ARNC) last posted its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.59 billion. Arconic had a return on equity of 17.87% and a net margin of 2.66%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. As a group, equities analysts expect that Arconic Inc will post 2.07 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.08 annualized dividend and a yield of 0.28%. Arconic’s dividend payout ratio (DPR) is presently 5.88%.

Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.

Read More: How do taxes affect a CDs total return?

Want to see what other hedge funds are holding ARNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arconic Inc (NYSE:ARNC).

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.