Gabelli Funds LLC Sells 81,000 Shares of Allegheny Technologies Incorporated (NYSE:ATI)

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Gabelli Funds LLC reduced its stake in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 41.6% during the third quarter, Holdings Channel reports. The institutional investor owned 113,500 shares of the basic materials company’s stock after selling 81,000 shares during the quarter. Gabelli Funds LLC’s holdings in Allegheny Technologies were worth $2,298,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. MML Investors Services LLC grew its stake in shares of Allegheny Technologies by 7.1% during the second quarter. MML Investors Services LLC now owns 9,397 shares of the basic materials company’s stock valued at $237,000 after buying an additional 622 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Allegheny Technologies by 1.4% during the second quarter. Oregon Public Employees Retirement Fund now owns 50,955 shares of the basic materials company’s stock worth $1,284,000 after purchasing an additional 718 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Allegheny Technologies by 10.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,939 shares of the basic materials company’s stock worth $161,000 after purchasing an additional 768 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Allegheny Technologies by 5.9% during the second quarter. Bessemer Group Inc. now owns 14,175 shares of the basic materials company’s stock worth $357,000 after purchasing an additional 791 shares during the period. Finally, US Bancorp DE boosted its holdings in shares of Allegheny Technologies by 1.9% during the second quarter. US Bancorp DE now owns 45,035 shares of the basic materials company’s stock worth $1,135,000 after purchasing an additional 835 shares during the period.

Shares of Allegheny Technologies stock traded down $0.09 during trading on Friday, reaching $23.70. 1,180,497 shares of the stock were exchanged, compared to its average volume of 1,599,764. The company has a quick ratio of 1.64, a current ratio of 3.17 and a debt-to-equity ratio of 0.68. The stock’s fifty day moving average is $20.67 and its 200 day moving average is $22.02. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.25 and a beta of 2.29. Allegheny Technologies Incorporated has a 1 year low of $17.03 and a 1 year high of $29.50.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.45. Allegheny Technologies had a net margin of 5.85% and a return on equity of 7.38%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the business posted $0.37 earnings per share. Allegheny Technologies’s quarterly revenue was down .1% compared to the same quarter last year. Equities analysts forecast that Allegheny Technologies Incorporated will post 1.22 earnings per share for the current year.

In related news, SVP Elliot S. Davis acquired 2,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was acquired at an average cost of $17.53 per share, for a total transaction of $35,060.00. Following the completion of the acquisition, the senior vice president now directly owns 6,530 shares of the company’s stock, valued at approximately $114,470.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Kevin B. Kramer acquired 2,500 shares of the stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $17.68 per share, with a total value of $44,200.00. The disclosure for this purchase can be found here. Insiders acquired 12,400 shares of company stock valued at $222,680 over the last 90 days. 1.06% of the stock is currently owned by company insiders.

A number of research firms have recently weighed in on ATI. KeyCorp dropped their target price on shares of Allegheny Technologies from $33.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Goldman Sachs Group upgraded shares of Allegheny Technologies from a “neutral” rating to a “buy” rating and set a $25.00 target price for the company in a report on Thursday, October 10th. Barclays reiterated a “buy” rating and set a $31.00 target price on shares of Allegheny Technologies in a report on Wednesday, July 31st. Cfra upgraded shares of Allegheny Technologies from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, ValuEngine upgraded shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $27.25.

Allegheny Technologies Company Profile

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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Want to see what other hedge funds are holding ATI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allegheny Technologies Incorporated (NYSE:ATI).

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

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