First Manhattan Co. Acquires Shares of 3,339 Allegheny Technologies Incorporated (ATI)

First Manhattan Co. acquired a new stake in Allegheny Technologies Incorporated (NYSE:ATI) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,339 shares of the basic materials company’s stock, valued at approximately $85,000.

A number of other institutional investors and hedge funds have also modified their holdings of ATI. Private Capital Group LLC raised its position in Allegheny Technologies by 336.2% in the 4th quarter. Private Capital Group LLC now owns 1,348 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 1,039 shares during the last quarter. Quantamental Technologies LLC bought a new position in Allegheny Technologies in the 4th quarter valued at $41,000. Pearl River Capital LLC bought a new position in Allegheny Technologies in the 4th quarter valued at $48,000. Oregon Public Employees Retirement Fund raised its position in Allegheny Technologies by 2,107.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,093,659 shares of the basic materials company’s stock valued at $50,000 after purchasing an additional 1,044,119 shares during the last quarter. Finally, Whittier Trust Co. bought a new position in Allegheny Technologies in the 4th quarter valued at $59,000.

ATI stock opened at $25.72 on Friday. The firm has a market cap of $3.24 billion, a PE ratio of 17.03, a PEG ratio of 1.02 and a beta of 2.39. Allegheny Technologies Incorporated has a twelve month low of $20.84 and a twelve month high of $30.18. 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 (NYSE:ATI) last released its earnings results on Tuesday, January 22nd. The basic materials company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.03). The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $991.88 million. Allegheny Technologies had a return on equity of 10.28% and a net margin of 5.50%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 EPS. On average, equities research analysts predict that Allegheny Technologies Incorporated will post 1.69 earnings per share for the current fiscal year.

In related news, insider Richard J. Harshman sold 10,780 shares of Allegheny Technologies stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $29.13, for a total transaction of $314,021.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barabara S. Jeremiah sold 7,500 shares of Allegheny Technologies stock in a transaction on Thursday, January 24th. The stock was sold at an average price of $25.61, for a total value of $192,075.00. Following the sale, the director now directly owns 33,833 shares of the company’s stock, valued at $866,463.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,628 shares of company stock valued at $1,301,542. 1.06% of the stock is currently owned by corporate insiders.

Several equities analysts have issued reports on ATI shares. ValuEngine upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Macquarie initiated coverage on Allegheny Technologies in a research report on Thursday, February 14th. They set an “outperform” rating and a $27.84 target price for the company. Buckingham Research set a $45.00 target price on Allegheny Technologies and gave the stock a “buy” rating in a research report on Monday, April 8th. Finally, Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.91.

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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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