State of New Jersey Common Pension Fund D increased its stake in Allegheny Technologies Incorporated (NYSE:ATI) by 66.7% during the second quarter, Holdings Channel reports. The fund owned 225,000 shares of the basic materials company’s stock after buying an additional 90,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Allegheny Technologies were worth $3,827,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in Allegheny Technologies by 63.6% in the first quarter. Nisa Investment Advisors LLC now owns 6,380 shares of the basic materials company’s stock valued at $115,000 after buying an additional 2,480 shares during the last quarter. Neuburgh Advisers LLC raised its stake in Allegheny Technologies by 1.1% in the first quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock valued at $117,000 after buying an additional 68 shares during the last quarter. Financial Architects Inc raised its stake in Allegheny Technologies by 180.0% in the second quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock valued at $119,000 after buying an additional 4,500 shares during the last quarter. Creative Planning raised its stake in Allegheny Technologies by 2,619.9% in the second quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock valued at $128,000 after buying an additional 7,257 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in Allegheny Technologies by 24.1% in the second quarter. LS Investment Advisors LLC now owns 8,982 shares of the basic materials company’s stock valued at $153,000 after buying an additional 1,745 shares during the last quarter. Institutional investors and hedge funds own 96.61% of the company’s stock.
Shares of Allegheny Technologies Incorporated (ATI) opened at 18.05 on Wednesday. The firm has a 50-day moving average price of $17.91 and a 200 day moving average price of $17.86. The company’s market cap is $1.97 billion. Allegheny Technologies Incorporated has a 1-year low of $13.15 and a 1-year high of $23.69.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The firm had revenue of $880.20 million for the quarter, compared to the consensus estimate of $874.95 million. During the same quarter in the previous year, the business earned ($0.21) EPS. The company’s revenue was up 8.6% compared to the same quarter last year. On average, analysts predict that Allegheny Technologies Incorporated will post ($1.00) EPS for the current fiscal year.
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Several analysts recently issued reports on ATI shares. Cowen and Company reiterated a “hold” rating and set a $18.00 target price on shares of Allegheny Technologies in a report on Tuesday, April 25th. Berenberg Bank upgraded Allegheny Technologies from a “sell” rating to a “hold” rating and upped their target price for the stock from $16.10 to $17.20 in a report on Monday, April 24th. BidaskClub upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Finally, J P Morgan Chase & Co upgraded Allegheny Technologies from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $14.50 to $19.00 in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $19.65.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.
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