Gabelli Funds LLC trimmed its holdings in Allegheny Technologies Incorporated (NYSE:ATI) by 0.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 296,000 shares of the basic materials company’s stock after selling 2,000 shares during the quarter. Gabelli Funds LLC owned about 0.24% of Allegheny Technologies worth $7,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of ATI. Comerica Bank boosted its holdings in shares of Allegheny Technologies by 15.2% in the fourth quarter. Comerica Bank now owns 100,478 shares of the basic materials company’s stock worth $2,888,000 after buying an additional 13,270 shares during the last quarter. Iridian Asset Management LLC CT raised its stake in Allegheny Technologies by 0.4% during the 4th quarter. Iridian Asset Management LLC CT now owns 8,649,563 shares of the basic materials company’s stock worth $208,800,000 after acquiring an additional 35,508 shares during the period. State Treasurer State of Michigan raised its stake in Allegheny Technologies by 10.5% during the 4th quarter. State Treasurer State of Michigan now owns 45,200 shares of the basic materials company’s stock worth $1,091,000 after acquiring an additional 4,300 shares during the period. Engineers Gate Manager LP bought a new stake in Allegheny Technologies during the 4th quarter worth approximately $1,731,000. Finally, Parametrica Management Ltd bought a new stake in Allegheny Technologies during the 4th quarter worth approximately $382,000. Institutional investors own 97.35% of the company’s stock.
A number of equities research analysts have commented on the stock. Buckingham Research raised their target price on shares of Allegheny Technologies from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. JPMorgan Chase & Co. lifted their price objective on shares of Allegheny Technologies from $18.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Bank of America reiterated a “neutral” rating and set a $32.00 price objective on shares of Allegheny Technologies in a research report on Wednesday, January 24th. They noted that the move was a valuation call. Cowen reiterated a “buy” rating and set a $32.00 price objective on shares of Allegheny Technologies in a research report on Tuesday, January 23rd. Finally, Zacks Investment Research cut shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research report on Monday, January 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Allegheny Technologies currently has an average rating of “Hold” and an average target price of $26.50.
Allegheny Technologies Incorporated (NYSE ATI) traded down $0.29 during midday trading on Friday, reaching $27.82. 2,292,879 shares of the company’s stock traded hands, compared to its average volume of 2,160,553. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.69 and a quick ratio of 1.04. The stock has a market capitalization of $3,502.54, a price-to-earnings ratio of 61.82 and a beta of 2.44. Allegheny Technologies Incorporated has a 52 week low of $14.54 and a 52 week high of $30.25.
Allegheny Technologies (NYSE:ATI) last issued its earnings results on Tuesday, January 23rd. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.12. The firm had revenue of $909.90 million during the quarter, compared to analyst estimates of $898.22 million. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) earnings per share. research analysts anticipate that Allegheny Technologies Incorporated will post 1.23 EPS for the current fiscal year.
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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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