Millennium Management LLC grew its position in shares of Allegheny Technologies (NYSE:ATI) by 15.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,177,259 shares of the basic materials company’s stock after buying an additional 436,832 shares during the quarter. Millennium Management LLC owned approximately 2.52% of Allegheny Technologies worth $76,699,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of ATI. Advisory Services Network LLC boosted its stake in Allegheny Technologies by 19,684.8% in the fourth quarter. Advisory Services Network LLC now owns 6,529 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 6,496 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Allegheny Technologies in the third quarter worth $181,000. Global X Management Co. LLC raised its holdings in Allegheny Technologies by 75.3% in the fourth quarter. Global X Management Co. LLC now owns 7,579 shares of the basic materials company’s stock worth $183,000 after purchasing an additional 3,255 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Allegheny Technologies by 42.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,625 shares of the basic materials company’s stock worth $184,000 after purchasing an additional 2,269 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new stake in Allegheny Technologies in the third quarter worth $213,000.
Shares of NYSE:ATI traded down $0.90 during midday trading on Friday, hitting $23.85. The stock had a trading volume of 1,841,943 shares, compared to its average volume of 1,635,084. The stock has a market capitalization of $2,997.01, a PE ratio of 49.69 and a beta of 2.39. Allegheny Technologies has a fifty-two week low of $14.54 and a fifty-two week high of $30.25. The company has a current ratio of 2.69, a quick ratio of 1.04 and a debt-to-equity ratio of 0.83.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings data on Tuesday, January 23rd. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.12. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The business had revenue of $909.90 million during the quarter, compared to analysts’ expectations of $898.22 million. During the same period in the prior year, the company earned ($0.04) EPS. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. research analysts predict that Allegheny Technologies will post 1.26 EPS for the current fiscal year.
ATI has been the topic of a number of research analyst reports. KeyCorp set a $31.00 price objective on shares of Allegheny Technologies and gave the stock a “buy” rating in a report on Tuesday, April 3rd. Goldman Sachs started coverage on shares of Allegheny Technologies in a research report on Tuesday, March 20th. They issued a “sell” rating and a $26.00 target price for the company. Cowen reaffirmed a “buy” rating and issued a $32.00 target price on shares of Allegheny Technologies in a research report on Tuesday, January 23rd. Bank of America reissued a “neutral” rating and issued 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. Finally, Buckingham Research lifted their price objective on shares of Allegheny Technologies from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Allegheny Technologies presently has an average rating of “Hold” and a consensus target price of $28.89.
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About Allegheny Technologies
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components, and Flat-Rolled Products. The High Performance Materials & Components segment produces, converts, and distributes a range of high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in long product forms of ingots, billets, bars, rods, wires, and shapes and rectangles, as well as seamless tubes, plus precision forgings, castings, components, and machined parts.
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