Legal & General Group Plc grew its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 3.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 217,531 shares of the basic materials company’s stock after acquiring an additional 6,897 shares during the quarter. Legal & General Group Plc owned about 0.20% of Allegheny Technologies worth $5,193,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of ATI. Iridian Asset Management LLC CT increased its stake in shares of Allegheny Technologies by 30.7% in 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 last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in shares of Allegheny Technologies in the 3rd quarter worth $15,660,000. Ameriprise Financial Inc. increased its stake in shares of Allegheny Technologies by 90.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,308,042 shares of the basic materials company’s stock worth $31,264,000 after acquiring an additional 622,591 shares during the last quarter. Broadview Advisors LLC acquired a new stake in shares of Allegheny Technologies in the 2nd quarter worth $8,691,000. Finally, Neuberger Berman Group LLC increased its stake in shares of Allegheny Technologies by 50.3% in 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 last quarter.
A number of brokerages have issued reports on ATI. Cowen reaffirmed a “hold” rating and issued a $23.00 target price on shares of Allegheny Technologies in a research note on Tuesday, December 12th. Berenberg Bank set a $17.00 price objective on Allegheny Technologies and gave the stock a “hold” rating in a research report on Thursday, October 19th. KeyCorp reissued a “hold” rating on shares of Allegheny Technologies in a research report on Wednesday, October 11th. Longbow Research reissued a “buy” rating and set a $24.00 price objective on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. Finally, Bank of America raised Allegheny Technologies from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $16.00 to $24.00 in a research report on Monday, September 11th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Allegheny Technologies currently has a consensus rating of “Hold” and a consensus target price of $21.29.
Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings data on Tuesday, October 24th. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The firm had revenue of $869.10 million during the quarter, compared to the consensus estimate of $866.94 million. Allegheny Technologies had a positive return on equity of 1.09% and a negative net margin of 2.45%. The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the company earned ($0.21) EPS. analysts predict that Allegheny Technologies Incorporated will post 0.32 earnings per share for the current fiscal year.
Allegheny Technologies Company 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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