First Eagle Investment Management LLC Grows Stake in Allegheny Technologies Incorporated (NYSE:ATI)

First Eagle Investment Management LLC grew its holdings in Allegheny Technologies Incorporated (NYSE:ATIGet Rating) by 172.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 75,340 shares of the basic materials company’s stock after acquiring an additional 47,700 shares during the quarter. First Eagle Investment Management LLC owned about 0.06% of Allegheny Technologies worth $1,200,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Huntington National Bank increased its holdings in shares of Allegheny Technologies by 18.0% in the 4th quarter. Huntington National Bank now owns 3,280 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 501 shares during the last quarter. Emerald Advisers LLC purchased a new position in Allegheny Technologies during the 4th quarter worth approximately $89,000. O Shaughnessy Asset Management LLC grew its stake in Allegheny Technologies by 2,742.1% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 5,400 shares of the basic materials company’s stock worth $90,000 after buying an additional 5,210 shares during the last quarter. Rafferty Asset Management LLC purchased a new position in Allegheny Technologies during the 4th quarter worth approximately $161,000. Finally, Commonwealth Equity Services LLC purchased a new position in Allegheny Technologies during the 3rd quarter worth approximately $175,000.

In related news, CMO Kevin B. Kramer sold 10,000 shares of Allegheny Technologies stock in a transaction on Thursday, April 14th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief marketing officer now directly owns 160,338 shares of the company’s stock, valued at $4,810,140. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

A number of research analysts recently issued reports on the company. Barclays raised their price target on Allegheny Technologies from $23.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 7th. JPMorgan Chase & Co. lifted their target price on Allegheny Technologies from $26.00 to $31.00 in a research note on Friday, February 18th. KeyCorp lifted their target price on Allegheny Technologies from $28.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, April 4th. Benchmark lifted their target price on Allegheny Technologies from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, February 18th. Finally, TheStreet upgraded Allegheny Technologies from a “d” rating to a “c-” rating in a research note on Wednesday, February 2nd. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $26.11.

Shares of ATI traded down $0.04 during mid-day trading on Friday, hitting $25.73. The company’s stock had a trading volume of 1,562,248 shares, compared to its average volume of 1,820,619. The company has a quick ratio of 1.25, a current ratio of 2.61 and a debt-to-equity ratio of 2.15. The firm has a 50-day simple moving average of $27.31 and a 200 day simple moving average of $21.71. Allegheny Technologies Incorporated has a 1-year low of $13.85 and a 1-year high of $30.74.

Allegheny Technologies (NYSE:ATIGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The basic materials company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.22 by $0.18. The business had revenue of $834.10 million during the quarter, compared to analysts’ expectations of $748.04 million. Allegheny Technologies had a return on equity of 11.17% and a net margin of 0.02%. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.06) EPS. On average, equities analysts anticipate that Allegheny Technologies Incorporated will post 1.26 earnings per share for the current fiscal year.

Allegheny Technologies declared that its board has authorized a share buyback program on Wednesday, February 2nd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Allegheny Technologies Company Profile (Get Rating)

Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates in two segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC segment produces various materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, as well as precision forgings, components, and machined parts.

Further Reading

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

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