California Public Employees Retirement System cut its holdings in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 10.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 316,274 shares of the basic materials company’s stock after selling 38,500 shares during the quarter. California Public Employees Retirement System owned about 0.29% of Allegheny Technologies worth $5,380,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Financial Architects Inc grew its holdings in Allegheny Technologies by 180.0% in the 2nd quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock valued at $119,000 after buying an additional 4,500 shares in the last quarter. Creative Planning grew its holdings in shares of Allegheny Technologies by 2,619.9% during the 2nd quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock worth $128,000 after purchasing an additional 7,257 shares in the last quarter. Riverhead Capital Management LLC grew its holdings in shares of Allegheny Technologies by 72.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,297 shares of the basic materials company’s stock worth $141,000 after purchasing an additional 3,497 shares in the last quarter. LS Investment Advisors LLC grew its holdings in shares of Allegheny Technologies by 24.1% during the 2nd quarter. LS Investment Advisors LLC now owns 8,982 shares of the basic materials company’s stock worth $153,000 after purchasing an additional 1,745 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Allegheny Technologies during the 1st quarter worth $169,000.
Shares of Allegheny Technologies Incorporated (ATI) traded up 0.16% during midday trading on Friday, hitting $24.85. The stock had a trading volume of 647,236 shares. The stock’s market cap is $2.71 billion. Allegheny Technologies Incorporated has a 1-year low of $13.15 and a 1-year high of $25.51. The firm’s 50-day moving average price is $23.56 and its 200-day moving average price is $19.13.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, October 24th. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $869.10 million during the quarter, compared to the consensus estimate of $866.94 million. Allegheny Technologies had a negative net margin of 13.74% and a negative return on equity of 35.21%. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.21) earnings per share. Analysts forecast that Allegheny Technologies Incorporated will post ($1.00) earnings per share for the current year.
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Several analysts have recently issued reports on ATI shares. Zacks Investment Research lowered Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Longbow Research restated a “buy” rating and set a $24.00 price objective on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. BidaskClub upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Bank of America Corporation upgraded Allegheny Technologies from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $16.00 to $24.00 in a research report on Monday, September 11th. Finally, Cowen and Company restated a “hold” rating and set a $18.00 price objective on shares of Allegheny Technologies in a research report on Thursday, October 12th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.57.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.
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