Seven Eight Capital LP Acquires New Position in Allegheny Technologies Incorporated (ATI)

Seven Eight Capital LP acquired a new position in shares of Allegheny Technologies Incorporated (NYSE:ATI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,805 shares of the basic materials company’s stock, valued at approximately $728,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Allegheny Technologies by 5.4% during the first quarter. Vanguard Group Inc. now owns 9,082,082 shares of the basic materials company’s stock worth $163,114,000 after acquiring an additional 464,285 shares in the last quarter. Iridian Asset Management LLC CT raised its stake in Allegheny Technologies by 30.7% during the second quarter. Iridian Asset Management LLC CT now owns 8,725,099 shares of the basic materials company’s stock worth $148,414,000 after acquiring an additional 2,047,830 shares in the last quarter. State Street Corp raised its stake in Allegheny Technologies by 5.5% during the first quarter. State Street Corp now owns 5,869,035 shares of the basic materials company’s stock worth $105,408,000 after acquiring an additional 307,747 shares in the last quarter. Sasco Capital Inc. CT raised its stake in Allegheny Technologies by 10.8% during the second quarter. Sasco Capital Inc. CT now owns 5,464,354 shares of the basic materials company’s stock worth $92,949,000 after acquiring an additional 531,155 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its stake in Allegheny Technologies by 17.5% during the second quarter. Frontier Capital Management Co. LLC now owns 5,405,055 shares of the basic materials company’s stock worth $91,940,000 after acquiring an additional 805,856 shares in the last quarter. Hedge funds and other institutional investors own 96.61% of the company’s stock.

Several research analysts have issued reports on the company. BidaskClub upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Longbow Research reiterated a “buy” rating and set a $24.00 price objective on shares of Allegheny Technologies in a research note on Wednesday, August 23rd. J P Morgan Chase & Co upgraded Allegheny Technologies from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $14.50 to $19.00 in a research note on Wednesday, July 26th. Finally, Bank of America Corporation upgraded Allegheny Technologies from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $16.00 to $24.00 in a research note on Monday, September 11th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $20.65.

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Shares of Allegheny Technologies Incorporated (ATI) opened at 23.26 on Friday. The stock’s 50 day moving average price is $19.87 and its 200 day moving average price is $17.89. The company’s market cap is $2.53 billion. Allegheny Technologies Incorporated has a one year low of $13.15 and a one year high of $23.69.

Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.09 EPS 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 company had revenue of $880.20 million during the quarter, compared to analysts’ expectations of $874.95 million. During the same quarter in the previous year, the firm earned ($0.21) EPS. Allegheny Technologies’s revenue was up 8.6% on a year-over-year basis. Equities analysts predict that Allegheny Technologies Incorporated will post ($1.00) earnings per share for the current fiscal year.

Allegheny Technologies 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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Institutional Ownership by Quarter for Allegheny Technologies (NYSE:ATI)

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