Allegheny Technologies Inc. (ATI) Stake Boosted by Ameriprise Financial Inc.
Ameriprise Financial Inc. raised its stake in Allegheny Technologies Inc. (NYSE:ATI) by 31.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 641,814 shares of the company’s stock after buying an additional 153,093 shares during the period. Ameriprise Financial Inc. owned approximately 0.59% of Allegheny Technologies worth $8,184,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Bessemer Group Inc. boosted its position in shares of Allegheny Technologies by 4.1% in the first quarter. Bessemer Group Inc. now owns 11,225 shares of the company’s stock valued at $183,000 after buying an additional 445 shares during the period. Suntrust Banks Inc. boosted its position in shares of Allegheny Technologies by 1.2% in the second quarter. Suntrust Banks Inc. now owns 18,487 shares of the company’s stock valued at $235,000 after buying an additional 228 shares during the period. Kornitzer Capital Management Inc. KS purchased a new position in shares of Allegheny Technologies during the second quarter valued at about $241,000. Commonwealth Equity Services Inc boosted its position in shares of Allegheny Technologies by 4.7% in the second quarter. Commonwealth Equity Services Inc now owns 20,542 shares of the company’s stock valued at $262,000 after buying an additional 922 shares during the period. Finally, DIAM Co. Ltd. boosted its position in shares of Allegheny Technologies by 53.8% in the second quarter. DIAM Co. Ltd. now owns 24,000 shares of the company’s stock valued at $306,000 after buying an additional 8,400 shares during the period. Hedge funds and other institutional investors own 95.60% of the company’s stock.
Allegheny Technologies Inc. (NYSE:ATI) traded up 1.62% during mid-day trading on Thursday, hitting $18.18. The stock had a trading volume of 523,757 shares. The stock’s market cap is $1.98 billion. The firm has a 50-day moving average of $17.22 and a 200-day moving average of $15.55. Allegheny Technologies Inc. has a 52-week low of $7.08 and a 52-week high of $19.10.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.18) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.19. The firm had revenue of $810.50 million for the quarter, compared to analyst estimates of $792.11 million. Allegheny Technologies had a negative net margin of 15.65% and a negative return on equity of 7.87%. The business’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.15) EPS. On average, analysts forecast that Allegheny Technologies Inc. will post ($0.92) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Thursday, August 18th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Tuesday, August 16th. Allegheny Technologies’s payout ratio is presently -6.97%.
Several research analysts recently issued reports on the company. Cowen and Company raised Allegheny Technologies from an “underperform” rating to a “market perform” rating in a research note on Wednesday, July 27th. Berenberg Bank reissued a “hold” rating and issued a $13.90 price objective on shares of Allegheny Technologies in a research note on Wednesday, July 27th. Deutsche Bank AG raised Allegheny Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $15.00 to $20.00 in a research note on Monday, August 29th. Seaport Global Securities assumed coverage on Allegheny Technologies in a research note on Friday, September 9th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Bank of America Corp. reissued a “buy” rating on shares of Allegheny Technologies in a research note on Friday, June 17th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $19.99.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated (ATI) is a specialty materials and components producer. The Company operates through two business segments: High Performance Materials & Components and Flat Rolled Products. ATI’s products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented electrical steel.
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