New York State Common Retirement Fund decreased its position in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 9.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,249,985 shares of the basic materials company’s stock after selling 130,455 shares during the period. New York State Common Retirement Fund owned 1.15% of Allegheny Technologies worth $29,875,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ATI. Iridian Asset Management LLC CT raised its stake in Allegheny Technologies by 30.7% during the 2nd quarter. Iridian Asset Management LLC CT now owns 8,725,099 shares of the basic materials company’s stock worth $148,414,000 after acquiring an additional 2,047,830 shares during the period. Frontier Capital Management Co. LLC raised its stake in Allegheny Technologies by 17.5% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 5,405,055 shares of the basic materials company’s stock worth $91,940,000 after acquiring an additional 805,856 shares during the period. Mesirow Financial Investment Management Equity Management bought a new stake in Allegheny Technologies during the 3rd quarter worth approximately $15,660,000. Broadview Advisors LLC bought a new stake in Allegheny Technologies during the 2nd quarter worth approximately $8,691,000. Finally, Neuberger Berman Group LLC raised its stake in Allegheny Technologies by 50.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,472,402 shares of the basic materials company’s stock worth $25,046,000 after acquiring an additional 492,540 shares during the period.
A number of equities research analysts have commented on ATI shares. Bank of America upgraded shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and raised their target price for the stock from $16.00 to $24.00 in a research note on Monday, September 11th. Berenberg Bank set a $17.00 target price on shares of Allegheny Technologies and gave the stock a “hold” rating in a research note on Thursday, October 19th. KeyCorp reiterated a “hold” rating on shares of Allegheny Technologies in a research report on Thursday, November 16th. Cowen reiterated a “hold” rating and set a $18.00 price objective on shares of Allegheny Technologies in a research report on Thursday, October 12th. Finally, Longbow Research reiterated a “buy” rating and set a $24.00 price objective on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $20.57.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 24th. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $869.10 million for the quarter, compared to analysts’ expectations of $866.94 million. Allegheny Technologies had a negative net margin of 2.45% and a positive return on equity of 1.09%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.21) earnings per share. sell-side analysts expect that Allegheny Technologies Incorporated will post 0.32 EPS for the current year.
About Allegheny Technologies
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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