SeaCrest Wealth Management LLC reduced its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 9.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 12,572 shares of the basic materials company’s stock after selling 1,245 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Allegheny Technologies were worth $317,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Moors & Cabot Inc. purchased a new stake in Allegheny Technologies during the first quarter valued at about $272,000. FinTrust Capital Advisors LLC purchased a new stake in Allegheny Technologies during the first quarter valued at about $64,000. OLD National Bancorp IN lifted its holdings in Allegheny Technologies by 5.8% during the second quarter. OLD National Bancorp IN now owns 22,427 shares of the basic materials company’s stock valued at $565,000 after purchasing an additional 1,232 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new stake in Allegheny Technologies during the first quarter valued at about $9,256,000. Finally, Jennison Associates LLC purchased a new stake in Allegheny Technologies during the first quarter valued at about $768,000.
Shares of Allegheny Technologies stock traded down $0.38 on Friday, reaching $20.56. The stock had a trading volume of 1,703,265 shares, compared to its average volume of 1,534,246. Allegheny Technologies Incorporated has a 1 year low of $20.40 and a 1 year high of $30.18. The stock has a market capitalization of $2.59 billion, a P/E ratio of 13.62, a P/E/G ratio of 1.12 and a beta of 2.29. The company has a current ratio of 2.98, a quick ratio of 1.37 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $24.25.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, July 23rd. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Allegheny Technologies had a net margin of 4.39% and a return on equity of 7.83%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts forecast that Allegheny Technologies Incorporated will post 1.3 EPS for the current fiscal year.
Several equities research analysts have commented on the stock. Buckingham Research downgraded shares of Allegheny Technologies from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $40.00 to $27.00 in a report on Monday, May 6th. TheStreet raised shares of Allegheny Technologies from a “c” rating to a “b-” rating in a report on Tuesday, July 23rd. Barclays reissued a “buy” rating and issued a $31.00 price target on shares of Allegheny Technologies in a report on Wednesday. ValuEngine downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Finally, Macquarie downgraded shares of Allegheny Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $34.00 to $28.00 in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $29.72.
In other news, Director James C. Diggs sold 4,000 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $23.65, for a total value of $94,600.00. Following the sale, the director now directly owns 36,458 shares of the company’s stock, valued at $862,231.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.06% of the company’s stock.
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 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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