MetLife Investment Advisors LLC Takes Position in Allegheny Technologies (ATI)

MetLife Investment Advisors LLC bought a new position in Allegheny Technologies (NYSE:ATI) in the 4th quarter, Holdings Channel reports. The institutional investor bought 135,874 shares of the basic materials company’s stock, valued at approximately $3,280,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Municipal Employees Retirement System of Michigan grew its stake in shares of Allegheny Technologies by 15.6% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 38,070 shares of the basic materials company’s stock valued at $919,000 after buying an additional 5,140 shares during the period. Millennium Management LLC grew its stake in shares of Allegheny Technologies by 15.9% during the 4th quarter. Millennium Management LLC now owns 3,177,259 shares of the basic materials company’s stock valued at $76,699,000 after buying an additional 436,832 shares during the period. Sciencast Management LP purchased a new stake in shares of Allegheny Technologies during the 4th quarter valued at $404,000. Flinton Capital Management LLC grew its stake in shares of Allegheny Technologies by 24.1% during the 4th quarter. Flinton Capital Management LLC now owns 13,104 shares of the basic materials company’s stock valued at $316,000 after buying an additional 2,548 shares during the period. Finally, Elkfork Partners LLC purchased a new stake in shares of Allegheny Technologies during the 4th quarter valued at $248,000.

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Shares of Allegheny Technologies stock opened at $23.68 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.69 and a quick ratio of 1.04. Allegheny Technologies has a twelve month low of $14.54 and a twelve month high of $30.25. The firm has a market cap of $2,975.65, a P/E ratio of 52.62 and a beta of 2.37.

Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The firm had revenue of $909.90 million during the quarter, compared to analysts’ expectations of $898.22 million. During the same period in the prior year, the company earned ($0.04) EPS. The firm’s revenue was up 14.3% on a year-over-year basis. sell-side analysts expect that Allegheny Technologies will post 1.26 earnings per share for the current year.

Several analysts have recently issued reports on the stock. Cowen reissued a “hold” rating and set a $23.00 price objective on shares of Allegheny Technologies in a research note on Tuesday, December 12th. Bank of America raised shares of Allegheny Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $25.61 to $32.00 in a research note on Friday, March 2nd. They noted that the move was a valuation call. Zacks Investment Research cut shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Monday, January 15th. JPMorgan Chase boosted their price objective on shares of Allegheny Technologies from $18.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. Finally, Barclays assumed coverage on shares of Allegheny Technologies in a research note on Thursday. They set an “overweight” rating and a $33.00 price objective for the company. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $28.89.

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Allegheny Technologies Profile

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, converts, and distributes a range of 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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Institutional Ownership by Quarter for Allegheny Technologies (NYSE:ATI)

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