United Services Automobile Association cut its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 92.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,990 shares of the basic materials company’s stock after selling 387,596 shares during the quarter. United Services Automobile Association’s holdings in Allegheny Technologies were worth $1,858,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Allegheny Technologies in the first quarter worth approximately $126,000. Zeke Capital Advisors LLC purchased a new position in shares of Allegheny Technologies in the first quarter worth approximately $200,000. Commonwealth Equity Services LLC purchased a new position in shares of Allegheny Technologies in the second quarter worth approximately $219,000. IndexIQ Advisors LLC boosted its holdings in shares of Allegheny Technologies by 57.4% in the second quarter. IndexIQ Advisors LLC now owns 9,311 shares of the basic materials company’s stock worth $234,000 after buying an additional 3,397 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Allegheny Technologies in the first quarter worth approximately $242,000.
Shares of NYSE:ATI opened at $25.86 on Friday. The company has a current ratio of 2.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.75. Allegheny Technologies Incorporated has a 1-year low of $20.27 and a 1-year high of $30.25. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 53.88 and a beta of 2.51.
Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, July 24th. The basic materials company reported $0.52 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1 billion. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. equities research analysts predict that Allegheny Technologies Incorporated will post 1.63 EPS for the current fiscal year.
In other Allegheny Technologies news, Director James C. Diggs sold 3,844 shares of Allegheny Technologies stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $29.15, for a total transaction of $112,052.60. Following the transaction, the director now owns 36,146 shares of the company’s stock, valued at $1,053,655.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Karl D. Schwartz sold 1,000 shares of Allegheny Technologies stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $27.34, for a total transaction of $27,340.00. The disclosure for this sale can be found here. Insiders have sold 6,844 shares of company stock worth $191,943 in the last ninety days. Insiders own 1.00% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Bank of America set a $34.00 price objective on shares of Allegheny Technologies and gave the stock a “buy” rating in a report on Wednesday, July 25th. KeyCorp raised their price objective on shares of Allegheny Technologies from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. JPMorgan Chase & Co. downgraded shares of Allegheny Technologies from a “neutral” rating to an “underweight” rating and set a $25.00 price objective on the stock. in a report on Friday, June 15th. Barclays raised their price objective on shares of Allegheny Technologies from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Monday, July 30th. Finally, Longbow Research downgraded shares of Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a report on Monday, June 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.60.
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.
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