American International Group Inc. increased its holdings in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 1.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 336,525 shares of the basic materials company’s stock after purchasing an additional 4,171 shares during the quarter. American International Group Inc. owned approximately 0.27% of Allegheny Technologies worth $9,944,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. First Hawaiian Bank acquired a new position in Allegheny Technologies during the third quarter worth $225,000. MML Investors Services LLC acquired a new position in Allegheny Technologies during the third quarter worth $241,000. MAI Capital Management acquired a new position in Allegheny Technologies during the second quarter worth $207,000. Commonwealth Equity Services LLC acquired a new position in Allegheny Technologies during the second quarter worth $219,000. Finally, IndexIQ Advisors LLC boosted its holdings in Allegheny Technologies by 57.4% during the second quarter. IndexIQ Advisors LLC now owns 9,311 shares of the basic materials company’s stock worth $234,000 after purchasing an additional 3,397 shares during the last quarter.
Several brokerages recently commented on ATI. Zacks Investment Research cut shares of Allegheny Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 25th. Longbow Research upgraded shares of Allegheny Technologies from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Tuesday, November 6th. Buckingham Research increased their price target on shares of Allegheny Technologies from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 8th. ValuEngine upgraded shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. Finally, Cowen reiterated a “buy” rating and issued a $35.00 price target on shares of Allegheny Technologies in a research note on Monday, September 17th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Allegheny Technologies currently has a consensus rating of “Buy” and a consensus target price of $33.56.
Shares of ATI stock opened at $26.21 on Friday. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 54.60, a PEG ratio of 1.07 and a beta of 2.37. The company has a quick ratio of 1.21, a current ratio of 2.90 and a debt-to-equity ratio of 0.74. Allegheny Technologies Incorporated has a one year low of $21.53 and a one year high of $30.25.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, October 23rd. The basic materials company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1 billion. Allegheny Technologies had a net margin of 4.67% and a return on equity of 10.15%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. As a group, equities research analysts predict that Allegheny Technologies Incorporated will post 1.58 earnings per share for the current fiscal year.
In other Allegheny Technologies news, VP Karl D. Schwartz sold 1,000 shares of the stock in a transaction on Monday, October 15th. The shares were sold at an average price of $27.10, for a total value of $27,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.00% of the company’s stock.
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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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