UBS Asset Management Americas Inc. decreased its position in Allegheny Technologies Incorporated (NYSE:ATI) by 9.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,272 shares of the basic materials company’s stock after selling 9,442 shares during the quarter. UBS Asset Management Americas Inc. owned approximately 0.08% of Allegheny Technologies worth $1,484,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Mutual of America Capital Management LLC increased its position in Allegheny Technologies by 1.9% in the second quarter. Mutual of America Capital Management LLC now owns 90,469 shares of the basic materials company’s stock worth $1,539,000 after buying an additional 1,671 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Allegheny Technologies by 27.2% during the second quarter. New York State Common Retirement Fund now owns 1,380,440 shares of the basic materials company’s stock worth $23,481,000 after purchasing an additional 295,004 shares in the last quarter. Thrivent Financial For Lutherans grew its position in shares of Allegheny Technologies by 6.0% during the second quarter. Thrivent Financial For Lutherans now owns 21,930 shares of the basic materials company’s stock worth $373,000 after purchasing an additional 1,250 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Allegheny Technologies by 4.7% during the second quarter. PNC Financial Services Group Inc. now owns 235,138 shares of the basic materials company’s stock worth $3,998,000 after purchasing an additional 10,586 shares in the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of Allegheny Technologies during the second quarter worth about $380,000.
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A number of brokerages recently issued reports on ATI. Berenberg Bank set a $17.00 price target on Allegheny Technologies and gave the stock a “hold” rating in a research note on Thursday, October 19th. J P Morgan Chase & Co raised Allegheny Technologies from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $14.50 to $19.00 in a research note on Wednesday, July 26th. BidaskClub lowered Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. KeyCorp reissued a “hold” rating on shares of Allegheny Technologies in a research note on Wednesday, October 11th. Finally, Zacks Investment Research raised Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $20.57.
Shares of Allegheny Technologies Incorporated (ATI) opened at 24.84 on Friday. The stock’s market cap is $2.70 billion. The firm’s 50-day moving average price is $23.56 and its 200 day moving average price is $19.13. Allegheny Technologies Incorporated has a 1-year low of $13.15 and a 1-year high of $25.51.
Allegheny Technologies (NYSE:ATI) last released its earnings results on Tuesday, October 24th. The basic materials company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). Allegheny Technologies had a negative net margin of 2.45% and a positive return on equity of 1.09%. The business had revenue of $869.10 million during the quarter, compared to analyst estimates of $866.94 million. During the same period in the prior year, the business earned ($0.21) earnings per share. The business’s quarterly revenue was up 12.8% on a year-over-year basis. On average, equities analysts expect that Allegheny Technologies Incorporated will post ($1.00) earnings per share for the current fiscal year.
About Allegheny Technologies
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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