Triangle Securities Wealth Management Takes Position in Allegheny Technologies Incorporated (ATI)

Triangle Securities Wealth Management purchased a new position in Allegheny Technologies Incorporated (NYSE:ATI) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 14,843 shares of the basic materials company’s stock, valued at approximately $2,819,000. Allegheny Technologies comprises approximately 1.2% of Triangle Securities Wealth Management’s investment portfolio, making the stock its 25th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ATI. Beese Fulmer Investment Management Inc. acquired a new position in shares of Allegheny Technologies in the first quarter worth about $222,000. Roubaix Capital LLC acquired a new position in shares of Allegheny Technologies in the first quarter worth about $2,683,000. Geode Capital Management LLC raised its position in shares of Allegheny Technologies by 7.8% in the fourth quarter. Geode Capital Management LLC now owns 1,328,777 shares of the basic materials company’s stock worth $28,927,000 after acquiring an additional 96,014 shares during the period. Norges Bank acquired a new position in shares of Allegheny Technologies in the fourth quarter worth about $21,181,000. Finally, Millennium Management LLC raised its position in shares of Allegheny Technologies by 58.9% in the fourth quarter. Millennium Management LLC now owns 586,660 shares of the basic materials company’s stock worth $12,772,000 after acquiring an additional 217,486 shares during the period.

Shares of NYSE:ATI traded up $0.01 during midday trading on Wednesday, hitting $26.02. The stock had a trading volume of 394,125 shares, compared to its average volume of 1,612,152. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 0.99 and a beta of 2.39. The company has a quick ratio of 1.24, a current ratio of 2.68 and a debt-to-equity ratio of 0.77. Allegheny Technologies Incorporated has a 1 year low of $20.84 and a 1 year high of $30.18.

Allegheny Technologies (NYSE:ATI) last issued its earnings results on Tuesday, January 22nd. The basic materials company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.03). Allegheny Technologies had a net margin of 5.50% and a return on equity of 10.28%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $991.88 million. During the same period in the previous year, the firm earned $0.27 EPS. The firm’s revenue was up 14.1% on a year-over-year basis. On average, research analysts forecast that Allegheny Technologies Incorporated will post 1.76 EPS for the current year.

In related news, insider Richard J. Harshman sold 7,140 shares of the business’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $28.99, for a total value of $206,988.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barabara S. Jeremiah sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, January 24th. The shares were sold at an average price of $25.61, for a total transaction of $192,075.00. Following the completion of the sale, the director now owns 33,833 shares of the company’s stock, valued at $866,463.13. The disclosure for this sale can be found here. Insiders sold 45,628 shares of company stock valued at $1,301,542 in the last quarter. Company insiders own 1.06% of the company’s stock.

A number of brokerages have weighed in on ATI. Macquarie started coverage on shares of Allegheny Technologies in a research report on Thursday, February 14th. They issued an “outperform” rating and a $27.84 price objective for the company. Buckingham Research set a $45.00 price target on shares of Allegheny Technologies and gave the stock a “buy” rating in a research report on Monday, April 8th. Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. Finally, ValuEngine upgraded shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, March 20th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $33.36.

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About Allegheny Technologies

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 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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