Schwab Charles Investment Management Inc. lifted its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 55.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,130,919 shares of the basic materials company’s stock after buying an additional 401,576 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Allegheny Technologies were worth $28,409,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global X Management Co. LLC lifted its position in Allegheny Technologies by 242.5% during the first quarter. Global X Management Co. LLC now owns 25,956 shares of the basic materials company’s stock valued at $615,000 after buying an additional 18,377 shares in the last quarter. Wells Fargo & Company MN lifted its position in Allegheny Technologies by 6.5% during the first quarter. Wells Fargo & Company MN now owns 337,753 shares of the basic materials company’s stock valued at $7,997,000 after buying an additional 20,652 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Allegheny Technologies by 37.0% during the first quarter. Oppenheimer & Co. Inc. now owns 30,945 shares of the basic materials company’s stock valued at $733,000 after buying an additional 8,356 shares in the last quarter. Zeke Capital Advisors LLC acquired a new position in Allegheny Technologies during the first quarter valued at approximately $200,000. Finally, Hodges Capital Management Inc. acquired a new position in Allegheny Technologies during the first quarter valued at approximately $5,268,000.
NYSE ATI opened at $26.41 on Wednesday. Allegheny Technologies Incorporated has a 52 week low of $20.27 and a 52 week high of $30.25. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.18 and a current ratio of 2.87. The firm has a market cap of $3.40 billion, a PE ratio of 55.02 and a beta of 2.51.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 24th. The basic materials company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.16. Allegheny Technologies had a net margin of 0.30% and a return on equity of 7.84%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company posted $0.09 earnings per share. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. equities research analysts anticipate that Allegheny Technologies Incorporated will post 1.64 earnings per share for the current year.
A number of research analysts have weighed in on ATI shares. Cowen reaffirmed a “buy” rating and set a $35.00 price target on shares of Allegheny Technologies in a research report on Tuesday, July 24th. Longbow Research cut shares of Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research report on Monday, June 25th. Barclays lifted their price target on shares of Allegheny Technologies from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Monday, July 30th. JPMorgan Chase & Co. cut shares of Allegheny Technologies from a “neutral” rating to an “underweight” rating and set a $25.00 target price on the stock. in a research report on Friday, June 15th. Finally, Zacks Investment Research cut shares of Allegheny Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $30.60.
In other news, VP Karl D. Schwartz sold 1,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $25.90, for a total transaction of $25,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James C. Diggs sold 3,844 shares of Allegheny Technologies stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $29.15, for a total transaction of $112,052.60. Following the completion of the sale, the director now owns 36,146 shares of the company’s stock, valued at approximately $1,053,655.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,844 shares of company stock worth $191,943. Corporate insiders own 1.00% 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, 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.
Further Reading: Earnings Per Share (EPS)
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