Allegheny Technologies Inc. (ATI) Stake Lowered by Victory Capital Management Inc.
Victory Capital Management Inc. reduced its stake in shares of Allegheny Technologies Inc. (NYSE:ATI) by 6.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,502,404 shares of the company’s stock after selling 169,388 shares during the period. Victory Capital Management Inc.’s holdings in Allegheny Technologies were worth $45,218,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can boosted its position in shares of Allegheny Technologies by 43.3% in the third quarter. Bank of Montreal Can now owns 8,341 shares of the company’s stock valued at $150,000 after buying an additional 2,522 shares during the period. Charter Trust Co. bought a new position in shares of Allegheny Technologies during the third quarter valued at $183,000. Advisor Partners LLC bought a new position in shares of Allegheny Technologies during the second quarter valued at $130,000. Private Advisor Group LLC bought a new position in shares of Allegheny Technologies during the second quarter valued at $142,000. Finally, Quantbot Technologies LP bought a new position in shares of Allegheny Technologies during the third quarter valued at $207,000. Institutional investors own 91.88% of the company’s stock.
Allegheny Technologies Inc. (NYSE:ATI) traded up 3.45% on Wednesday, hitting $17.07. The stock had a trading volume of 376,182 shares. The company’s 50 day moving average price is $16.13 and its 200 day moving average price is $15.59. Allegheny Technologies Inc. has a 52-week low of $7.08 and a 52-week high of $18.67. The firm’s market cap is $1.86 billion.
Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings data on Tuesday, October 25th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.10) by $0.11. The company earned $771 million during the quarter, compared to analysts’ expectations of $813.02 million. Allegheny Technologies had a negative return on equity of 8.38% and a negative net margin of 28.52%. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.29) earnings per share. Analysts expect that Allegheny Technologies Inc. will post ($1.00) EPS for the current year.
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Several equities research analysts recently issued reports on the company. Berenberg Bank set a $14.00 price objective on Allegheny Technologies and gave the company a “hold” rating in a research note on Monday, October 24th. Deutsche Bank AG lowered Allegheny Technologies from a “buy” rating to a “hold” rating and dropped their price objective for the company from $20.00 to $17.00 in a research note on Wednesday, October 26th. Buckingham Research reissued a “buy” rating and set a $21.00 price objective on shares of Allegheny Technologies in a research note on Monday, October 10th. Finally, Seaport Global Securities assumed coverage on Allegheny Technologies in a research note on Friday, September 9th. They set a “buy” rating and a $21.00 price objective for the company. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $19.78.
About Allegheny Technologies
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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