Gabelli Funds LLC reduced its holdings in Alleghany Co. (NYSE:Y) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 37,000 shares of the insurance provider’s stock after selling 500 shares during the quarter. Gabelli Funds LLC’s holdings in Alleghany were worth $25,201,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of Y. Pennsylvania Trust Co acquired a new stake in shares of Alleghany in the first quarter valued at about $8,561,000. Martingale Asset Management L P grew its position in shares of Alleghany by 713.1% in the first quarter. Martingale Asset Management L P now owns 44,345 shares of the insurance provider’s stock valued at $27,158,000 after purchasing an additional 38,891 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Alleghany by 143.7% in the first quarter. Nordea Investment Management AB now owns 49,740 shares of the insurance provider’s stock valued at $30,460,000 after purchasing an additional 29,329 shares during the last quarter. Bank of Montreal Can grew its position in shares of Alleghany by 38.8% in the first quarter. Bank of Montreal Can now owns 86,513 shares of the insurance provider’s stock valued at $52,980,000 after purchasing an additional 24,179 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Alleghany by 1.4% in the first quarter. BlackRock Inc. now owns 1,542,038 shares of the insurance provider’s stock valued at $944,345,000 after buying an additional 21,642 shares during the period. 80.04% of the stock is currently owned by institutional investors.
Y has been the subject of several research reports. Deutsche Bank initiated coverage on shares of Alleghany in a research note on Thursday, May 23rd. They issued a “hold” rating and a $700.00 target price for the company. Zacks Investment Research cut shares of Alleghany from a “buy” rating to a “hold” rating and set a $809.00 target price for the company. in a research note on Sunday, July 14th. Royal Bank of Canada reiterated an “average” rating on shares of Alleghany in a research note on Thursday, May 16th. Finally, JMP Securities increased their target price on shares of Alleghany from $690.00 to $700.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $736.33.
Alleghany (NYSE:Y) last released its earnings results on Tuesday, August 6th. The insurance provider reported $12.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $9.48 by $2.92. Alleghany had a net margin of 3.86% and a return on equity of 2.88%. The business had revenue of $2.10 billion during the quarter. During the same quarter in the previous year, the business posted $9.78 EPS. As a group, sell-side analysts predict that Alleghany Co. will post 42.15 EPS for the current year.
In other Alleghany news, Director Phillip M. Martineau sold 559 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $684.53, for a total transaction of $382,652.27. Following the completion of the transaction, the director now owns 3,214 shares in the company, valued at $2,200,079.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.44% of the stock is currently owned by company insiders.
Alleghany Corporation provides property and casualty reinsurance and insurance products in the United States and internationally. The company operates in three segments: Reinsurance, Insurance, and Alleghany Capital. The Reinsurance segment offers fire, allied lines, auto physical damage, and homeowners multiple peril reinsurance products; and casualty and other reinsurance products, such as medical malpractice, ocean marine and aviation, accident and health, mortgage, surety, and credit reinsurance products, as well as directors' and officers', errors and omissions, general, and auto liability reinsurance.
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