Mengis Capital Management Inc. boosted its position in Allegheny Technologies Incorporated (NYSE:ATI) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 84,434 shares of the basic materials company’s stock after purchasing an additional 846 shares during the quarter. Mengis Capital Management Inc. owned about 0.07% of Allegheny Technologies worth $1,709,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Allegheny Technologies by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 12,145,107 shares of the basic materials company’s stock valued at $306,056,000 after purchasing an additional 373,842 shares during the last quarter. Iridian Asset Management LLC CT raised its stake in Allegheny Technologies by 111.2% in the 2nd quarter. Iridian Asset Management LLC CT now owns 3,603,621 shares of the basic materials company’s stock valued at $90,811,000 after purchasing an additional 1,897,390 shares during the last quarter. Invesco Ltd. raised its stake in Allegheny Technologies by 46.5% in the 2nd quarter. Invesco Ltd. now owns 3,504,894 shares of the basic materials company’s stock valued at $88,323,000 after purchasing an additional 1,111,943 shares during the last quarter. Northern Trust Corp raised its stake in Allegheny Technologies by 34.4% in the 2nd quarter. Northern Trust Corp now owns 3,031,048 shares of the basic materials company’s stock valued at $76,382,000 after purchasing an additional 775,079 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Allegheny Technologies by 9.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,681,502 shares of the basic materials company’s stock valued at $42,374,000 after purchasing an additional 149,650 shares during the last quarter.
Several research analysts recently commented on the company. Goldman Sachs Group raised Allegheny Technologies from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Thursday, October 10th. Longbow Research cut Allegheny Technologies from a “neutral” rating to an “underperform” rating and set a $18.00 target price for the company. in a report on Tuesday, October 15th. KeyCorp dropped their target price on Allegheny Technologies from $33.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Cowen restated a “buy” rating and issued a $32.00 target price on shares of Allegheny Technologies in a report on Monday, August 12th. Finally, Barclays restated a “buy” rating and issued a $31.00 target price on shares of Allegheny Technologies in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $27.25.
NYSE:ATI traded down $0.17 during trading hours on Monday, hitting $23.53. The company had a trading volume of 1,141,730 shares, compared to its average volume of 1,597,672. The company has a current ratio of 3.17, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. The company has a 50-day moving average of $20.67 and a 200 day moving average of $22.02. The company has a market cap of $2.98 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.25 and a beta of 2.29. Allegheny Technologies Incorporated has a 1 year low of $17.03 and a 1 year high of $29.50.
Allegheny Technologies (NYSE:ATI) last issued its earnings results on Thursday, October 31st. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.45. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Allegheny Technologies had a return on equity of 7.38% and a net margin of 5.85%. The firm’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.37 EPS. On average, analysts forecast that Allegheny Technologies Incorporated will post 1.22 earnings per share for the current year.
In other Allegheny Technologies news, SVP Elliot S. Davis purchased 2,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $17.53 per share, for a total transaction of $35,060.00. Following the acquisition, the senior vice president now owns 6,530 shares in the company, valued at approximately $114,470.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert S. Wetherbee purchased 5,000 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $18.36 per share, with a total value of $91,800.00. Following the completion of the acquisition, the insider now owns 113,335 shares in the company, valued at approximately $2,080,830.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 12,400 shares of company stock valued at $222,680. Company insiders own 1.06% of the company’s stock.
Allegheny Technologies Profile
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 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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