Jupiter Asset Management Ltd. bought a new stake in Allegheny Technologies Incorporated (NYSE:ATI) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 495,099 shares of the basic materials company’s stock, valued at approximately $10,456,000. Jupiter Asset Management Ltd. owned about 0.39% of Allegheny Technologies as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. lifted its stake in Allegheny Technologies by 5.5% in the first quarter. BlackRock Inc. now owns 20,918,920 shares of the basic materials company’s stock valued at $440,552,000 after acquiring an additional 1,087,862 shares during the last quarter. Channing Capital Management LLC lifted its stake in Allegheny Technologies by 4.4% in the fourth quarter. Channing Capital Management LLC now owns 4,546,156 shares of the basic materials company’s stock valued at $76,239,000 after acquiring an additional 191,264 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Allegheny Technologies by 2.4% in the first quarter. Fisher Asset Management LLC now owns 2,655,038 shares of the basic materials company’s stock valued at $55,915,000 after purchasing an additional 63,373 shares during the period. Norges Bank bought a new position in shares of Allegheny Technologies in the fourth quarter valued at approximately $25,705,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Allegheny Technologies by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,451,330 shares of the basic materials company’s stock valued at $24,339,000 after purchasing an additional 60,198 shares during the period.
In other Allegheny Technologies news, CMO Kevin B. Kramer sold 10,000 shares of Allegheny Technologies stock in a transaction on Tuesday, June 1st. The shares were sold at an average price of $25.00, for a total transaction of $250,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.76% of the stock is owned by insiders.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Wednesday, April 28th. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.18. Allegheny Technologies had a negative net margin of 58.90% and a negative return on equity of 8.08%. The business had revenue of $693.00 million for the quarter, compared to analyst estimates of $650.41 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. Allegheny Technologies’s revenue was down 27.5% compared to the same quarter last year. As a group, equities analysts anticipate that Allegheny Technologies Incorporated will post -0.18 EPS for the current fiscal year.
A number of research firms have recently commented on ATI. KeyCorp lifted their price target on shares of Allegheny Technologies from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, May 4th. Barclays raised shares of Allegheny Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $16.00 to $26.00 in a research report on Tuesday, March 16th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $21.83.
About Allegheny Technologies
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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