Public Employees Retirement System of Ohio acquired a new stake in Allegheny Technologies Incorporated (NYSE:ATI) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,464 shares of the basic materials company’s stock, valued at approximately $238,000.
Other large investors have also made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in Allegheny Technologies during the first quarter valued at about $126,000. MAI Capital Management purchased a new stake in Allegheny Technologies during the second quarter valued at about $207,000. Commonwealth Equity Services LLC purchased a new stake in Allegheny Technologies during the second quarter valued at about $219,000. IndexIQ Advisors LLC grew its position 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 valued at $234,000 after acquiring an additional 3,397 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Allegheny Technologies during the first quarter valued at about $242,000.
In other news, Director James C. Diggs sold 3,844 shares of the company’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $29.15, for a total value of $112,052.60. Following the completion of the sale, the director now owns 36,146 shares of the company’s stock, valued at $1,053,655.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Karl D. Schwartz sold 1,000 shares of the company’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $26.79, for a total value of $26,790.00. The disclosure for this sale can be found here. Insiders sold 6,844 shares of company stock valued at $191,843 in the last ninety days. Company insiders own 1.00% of the company’s stock.
Allegheny Technologies (NYSE:ATI) last issued its earnings results on Tuesday, July 24th. The basic materials company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.16. Allegheny Technologies had a return on equity of 7.84% and a net margin of 0.30%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the business earned $0.09 earnings per share. The company’s revenue was up 14.7% compared to the same quarter last year. On average, research analysts anticipate that Allegheny Technologies Incorporated will post 1.64 EPS for the current fiscal year.
ATI has been the subject of a number of research reports. Zacks Investment Research downgraded Allegheny Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Cowen reissued a “buy” rating and set a $35.00 price target on shares of Allegheny Technologies in a research report on Monday, September 17th. ValuEngine raised Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Monday, September 17th. Barclays boosted their price target on Allegheny Technologies from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Monday, July 30th. Finally, Buckingham Research boosted their price target on Allegheny Technologies from $40.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $30.60.
Allegheny Technologies Company 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, 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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