UBS Asset Management Americas Inc. cut its stake in shares of Allegheny Technologies Inc. (NYSE:ATI) by 7.6% during the second quarter, Holdings Channel reports. The institutional investor owned 117,818 shares of the company’s stock after selling 9,714 shares during the period. UBS Asset Management Americas Inc. owned 0.11% of Allegheny Technologies worth $1,502,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in Allegheny Technologies by 4.1% in the first quarter. Bessemer Group Inc. now owns 11,225 shares of the company’s stock valued at $183,000 after buying an additional 445 shares in the last quarter. Suntrust Banks Inc. increased its stake in Allegheny Technologies by 1.2% in the second quarter. Suntrust Banks Inc. now owns 18,487 shares of the company’s stock worth $235,000 after buying an additional 228 shares in the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in Allegheny Technologies during the second quarter worth about $241,000. Commonwealth Equity Services Inc bought a new stake in Allegheny Technologies during the first quarter worth about $320,000. Finally, DIAM Co. Ltd. increased its stake in Allegheny Technologies by 53.8% in the second quarter. DIAM Co. Ltd. now owns 24,000 shares of the company’s stock worth $306,000 after buying an additional 8,400 shares in the last quarter. 95.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Allegheny Technologies Inc. (NYSE:ATI) traded down 4.921% during midday trading on Thursday, hitting $16.325. The stock had a trading volume of 455,379 shares. The stock’s 50-day moving average price is $17.21 and its 200 day moving average price is $15.59. The company’s market cap is $1.78 billion. Allegheny Technologies Inc. has a 52 week low of $7.08 and a 52 week high of $18.67.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.19. Allegheny Technologies had a negative net margin of 15.65% and a negative return on equity of 7.87%. The company had revenue of $810.50 million for the quarter, compared to analyst estimates of $792.11 million. During the same quarter in the prior year, the business posted ($0.15) EPS. The firm’s revenue was down 20.7% compared to the same quarter last year. On average, equities analysts forecast that Allegheny Technologies Inc. will post ($0.92) earnings per share for the current year.
A number of analysts recently issued reports on ATI shares. Seaport Global Securities started coverage on Allegheny Technologies in a research report on Friday, September 9th. They issued a “buy” rating and a $21.00 target price on the stock. Bank of America Corp. reaffirmed a “buy” rating on shares of Allegheny Technologies in a research report on Friday, June 17th. Deutsche Bank AG raised Allegheny Technologies from a “hold” rating to a “buy” rating and lifted their target price for the company from $15.00 to $20.00 in a research report on Monday, August 29th. Cowen and Company raised Allegheny Technologies from an “underperform” rating to a “market perform” rating in a research report on Wednesday, July 27th. Finally, Buckingham Research reaffirmed a “buy” rating and issued a $21.00 target price on shares of Allegheny Technologies in a research report on Monday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $20.10.
About Allegheny Technologies
Allegheny Technologies Incorporated (ATI) is a specialty materials and components producer. The Company operates through two business segments: High Performance Materials & Components and Flat Rolled Products. ATI’s products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented electrical steel.
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