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State of Tennessee Treasury Department cut its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 25.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 55,224 shares of the basic materials company’s stock after selling 19,145 shares during the period. State of Tennessee Treasury Department’s holdings in Allegheny Technologies were worth $1,163,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. HITE Hedge Asset Management LLC boosted its holdings in Allegheny Technologies by 132.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 169,786 shares of the basic materials company’s stock valued at $2,847,000 after acquiring an additional 96,664 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in Allegheny Technologies by 104.0% in the first quarter. BNP Paribas Arbitrage SA now owns 74,182 shares of the basic materials company’s stock valued at $1,562,000 after buying an additional 37,816 shares during the period. Sowell Financial Services LLC lifted its stake in Allegheny Technologies by 60.3% in the first quarter. Sowell Financial Services LLC now owns 1,273 shares of the basic materials company’s stock valued at $31,000 after buying an additional 479 shares during the period. Kennedy Capital Management Inc. lifted its stake in Allegheny Technologies by 13.2% in the fourth quarter. Kennedy Capital Management Inc. now owns 392,023 shares of the basic materials company’s stock valued at $6,574,000 after buying an additional 45,809 shares during the period. Finally, Sei Investments Co. lifted its stake in Allegheny Technologies by 538.3% in the fourth quarter. Sei Investments Co. now owns 95,567 shares of the basic materials company’s stock valued at $1,603,000 after buying an additional 80,594 shares during the period.
ATI has been the topic of several recent analyst reports. Barclays raised Allegheny Technologies from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $16.00 to $26.00 in a research note on Tuesday, March 16th. KeyCorp boosted their price target on Allegheny Technologies from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, May 4th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $21.83.
In related news, CMO Kevin B. Kramer sold 10,000 shares of the stock in a transaction on Monday, March 15th. The stock was sold at an average price of $22.00, for a total value of $220,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.76% of the stock is owned by corporate insiders.
Shares of NYSE:ATI opened at $23.81 on Friday. The company has a debt-to-equity ratio of 2.62, a current ratio of 3.04 and a quick ratio of 1.52. Allegheny Technologies Incorporated has a twelve month low of $8.04 and a twelve month high of $25.03. The stock’s 50 day moving average price is $23.28. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -1.88 and a beta of 1.91.
Allegheny Technologies (NYSE:ATI) last issued its earnings results on Wednesday, April 28th. The basic materials company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.18. Allegheny Technologies had a negative return on equity of 8.08% and a negative net margin of 58.90%. The company had revenue of $693.00 million for the quarter, compared to analyst estimates of $650.41 million. During the same period in the prior year, the firm earned $0.20 earnings per share. Allegheny Technologies’s revenue for the quarter was down 27.5% on a year-over-year basis. As a group, research analysts anticipate that Allegheny Technologies Incorporated will post -0.18 EPS for the current year.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates in two segments, High Performance Materials & Components and Advanced Alloys & Solutions. The company 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 to the aerospace and defense, medical, oil and gas, and electrical energy markets.
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