Brigade Capital Management LP grew its stake in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 20.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 697,000 shares of the basic materials company’s stock after acquiring an additional 119,500 shares during the quarter. Allegheny Technologies comprises about 0.9% of Brigade Capital Management LP’s holdings, making the stock its 16th largest position. Brigade Capital Management LP’s holdings in Allegheny Technologies were worth $17,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Allegheny Technologies by 3.2% during 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 acquiring an additional 373,842 shares during the last quarter. Iridian Asset Management LLC CT increased its position in Allegheny Technologies by 111.2% during the 2nd quarter. Iridian Asset Management LLC CT now owns 3,603,621 shares of the basic materials company’s stock worth $90,811,000 after purchasing an additional 1,897,390 shares in the last quarter. Invesco Ltd. increased its position in Allegheny Technologies by 46.5% during the 2nd quarter. Invesco Ltd. now owns 3,504,894 shares of the basic materials company’s stock worth $88,323,000 after purchasing an additional 1,111,943 shares in the last quarter. Northern Trust Corp increased its position in Allegheny Technologies by 34.4% during the 2nd quarter. Northern Trust Corp now owns 3,031,048 shares of the basic materials company’s stock worth $76,382,000 after purchasing an additional 775,079 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in Allegheny Technologies by 7.6% during the 1st quarter. OppenheimerFunds Inc. now owns 2,195,173 shares of the basic materials company’s stock worth $56,130,000 after purchasing an additional 155,034 shares in the last quarter.
A number of analysts recently issued reports on ATI shares. Cowen reissued a “buy” rating and set a $32.00 target price on shares of Allegheny Technologies in a research report on Monday, August 12th. ValuEngine downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. Barclays reissued a “buy” rating and set a $31.00 target price on shares of Allegheny Technologies in a research report on Wednesday, July 31st. Longbow Research downgraded shares of Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.45 target price for the company. in a research report on Thursday, July 18th. Finally, TheStreet downgraded shares of Allegheny Technologies from a “b-” rating to a “c+” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Allegheny Technologies currently has an average rating of “Hold” and an average target price of $29.93.
In related news, SVP Elliot S. Davis purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was purchased at an average price of $17.53 per share, for a total transaction of $35,060.00. Following the acquisition, the senior vice president now directly owns 6,530 shares in the company, valued at $114,470.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Timothy J. Harris purchased 2,900 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $17.80 per share, with a total value of $51,620.00. Following the acquisition, the vice president now owns 26,334 shares in the company, valued at $468,745.20. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 12,400 shares of company stock valued at $222,680. 1.06% of the stock is owned by company insiders.
NYSE ATI traded down $0.44 on Wednesday, reaching $20.95. The company had a trading volume of 12,555 shares, compared to its average volume of 1,658,885. The firm has a market capitalization of $2.76 billion, a PE ratio of 13.85, a P/E/G ratio of 1.13 and a beta of 2.28. Allegheny Technologies Incorporated has a 1 year low of $17.03 and a 1 year high of $30.18. The firm has a 50-day moving average of $19.50 and a 200-day moving average of $23.48. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.98 and a quick ratio of 1.37.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings results on Tuesday, July 23rd. The basic materials company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Allegheny Technologies had a return on equity of 7.83% and a net margin of 4.39%. Allegheny Technologies’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. As a group, sell-side analysts expect that Allegheny Technologies Incorporated will post 1.3 EPS for the current fiscal year.
About Allegheny Technologies
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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