Granite Investment Advisors LLC cut its stake in Alleghany Corporation (NYSE:Y) by 8.2% during the second quarter, Holdings Channel reports. The firm owned 20,728 shares of the insurance provider’s stock after selling 1,845 shares during the period. Alleghany Corporation accounts for approximately 2.4% of Granite Investment Advisors LLC’s portfolio, making the stock its 10th largest position. Granite Investment Advisors LLC’s holdings in Alleghany Corporation were worth $12,996,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Speece Thorson Capital Group Inc. increased its stake in shares of Alleghany Corporation by 2.8% in the first quarter. Speece Thorson Capital Group Inc. now owns 29,607 shares of the insurance provider’s stock valued at $18,198,000 after buying an additional 819 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in shares of Alleghany Corporation by 3.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 411 shares of the insurance provider’s stock valued at $236,000 after buying an additional 15 shares during the period. Retirement Systems of Alabama increased its stake in shares of Alleghany Corporation by 48.3% in the first quarter. Retirement Systems of Alabama now owns 29,532 shares of the insurance provider’s stock valued at $18,152,000 after buying an additional 9,622 shares during the period. Hermes Investment Management Ltd. increased its stake in shares of Alleghany Corporation by 2.9% in the first quarter. Hermes Investment Management Ltd. now owns 66,158 shares of the insurance provider’s stock valued at $40,665,000 after buying an additional 1,873 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Alleghany Corporation during the first quarter valued at approximately $649,000. 81.36% of the stock is owned by hedge funds and other institutional investors.

Alleghany Corporation (NYSE:Y) opened at 593.15 on Friday. Alleghany Corporation has a 12-month low of $510.52 and a 12-month high of $667.19. The stock has a 50 day moving average price of $602.75 and a 200 day moving average price of $608.80. The company has a market capitalization of $9.15 billion, a price-to-earnings ratio of 19.22 and a beta of 0.92.

Alleghany Corporation (NYSE:Y) last announced its quarterly earnings data on Thursday, August 3rd. The insurance provider reported $6.37 earnings per share for the quarter, missing analysts’ consensus estimates of $8.10 by $1.73. Alleghany Corporation had a return on equity of 5.70% and a net margin of 7.74%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the firm earned $4.99 earnings per share. Alleghany Corporation’s revenue was down 1.8% on a year-over-year basis. On average, analysts expect that Alleghany Corporation will post $28.38 EPS for the current year.

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Several analysts have recently commented on the company. BidaskClub raised Alleghany Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research downgraded Alleghany Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Credit Suisse Group reaffirmed a “hold” rating on shares of Alleghany Corporation in a report on Tuesday, July 11th.

About Alleghany Corporation

Alleghany Corporation is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL’s insurance operations are conducted by its subsidiaries RSUI Group, Inc (RSUI), CapSpecialty, Inc (CapSpecialty) and Pacific Compensation Corporation (PacificComp).

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Institutional Ownership by Quarter for Alleghany Corporation (NYSE:Y)

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