Atlantic Trust Group LLC boosted its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 35.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,640 shares of the basic materials company’s stock after buying an additional 5,885 shares during the period. Atlantic Trust Group LLC’s holdings in Allegheny Technologies were worth $385,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Neuburgh Advisers LLC raised its holdings in Allegheny Technologies by 1.1% in the 1st quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock valued at $117,000 after buying an additional 68 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Allegheny Technologies by 2.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 9,587 shares of the basic materials company’s stock valued at $163,000 after buying an additional 201 shares during the period. State Treasurer State of Michigan raised its holdings in Allegheny Technologies by 0.7% in the 1st quarter. State Treasurer State of Michigan now owns 44,200 shares of the basic materials company’s stock valued at $794,000 after buying an additional 300 shares during the period. Advantus Capital Management Inc raised its holdings in Allegheny Technologies by 2.9% in the 1st quarter. Advantus Capital Management Inc now owns 13,926 shares of the basic materials company’s stock valued at $250,000 after buying an additional 388 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its holdings in Allegheny Technologies by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 38,146 shares of the basic materials company’s stock valued at $685,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 96.61% of the company’s stock.
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ATI has been the topic of several research analyst reports. BidaskClub upgraded shares of Allegheny Technologies from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Zacks Investment Research lowered shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 17th. J P Morgan Chase & Co upgraded shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $14.50 to $19.00 in a report on Wednesday, July 26th. Longbow Research restated a “buy” rating and issued a $24.00 price objective on shares of Allegheny Technologies in a report on Wednesday, August 23rd. Finally, Bank of America Corporation upgraded shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $16.00 to $24.00 in a report on Monday. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Allegheny Technologies has a consensus rating of “Hold” and a consensus price target of $20.65.
Shares of Allegheny Technologies Incorporated (NYSE ATI) opened at 22.31 on Wednesday. Allegheny Technologies Incorporated has a 52 week low of $13.15 and a 52 week high of $23.69. The firm’s 50-day moving average is $19.41 and its 200-day moving average is $17.77. The stock’s market capitalization is $2.43 billion.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. The business had revenue of $880.20 million for the quarter, compared to the consensus estimate of $874.95 million. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the business posted ($0.21) EPS. On average, equities research analysts anticipate that Allegheny Technologies Incorporated will post ($1.00) EPS for the current fiscal year.
Allegheny Technologies Profile
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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