Profund Advisors LLC cut its holdings in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 34.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,275 shares of the basic materials company’s stock after selling 10,159 shares during the quarter. Profund Advisors LLC’s holdings in Allegheny Technologies were worth $328,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Financial Architects Inc raised its stake in shares of Allegheny Technologies by 180.0% in the second quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock valued at $119,000 after purchasing an additional 4,500 shares in the last quarter. Creative Planning raised its stake in shares of Allegheny Technologies by 2,619.9% in the second quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock valued at $128,000 after purchasing an additional 7,257 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Allegheny Technologies by 72.9% in the second quarter. Riverhead Capital Management LLC now owns 8,297 shares of the basic materials company’s stock valued at $141,000 after purchasing an additional 3,497 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of Allegheny Technologies by 24.1% in the second quarter. LS Investment Advisors LLC now owns 8,982 shares of the basic materials company’s stock valued at $153,000 after purchasing an additional 1,745 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Allegheny Technologies in the first quarter valued at $169,000. Institutional investors own 96.61% of the company’s stock.

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A number of research analysts recently commented on the company. Bank of America Corporation upgraded Allegheny Technologies from an “underperform” rating to a “buy” rating and upped their target price for the company from $16.00 to $24.00 in a research note on Monday, September 11th. Longbow Research restated a “buy” rating and issued a $24.00 target price on shares of Allegheny Technologies in a research note on Wednesday, August 23rd. Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. BidaskClub upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, J P Morgan Chase & Co upgraded Allegheny Technologies from an “underweight” rating to a “neutral” rating and upped their target price for the company from $14.50 to $19.00 in a research note on Wednesday, July 26th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.65.

Shares of Allegheny Technologies Incorporated (NYSE:ATI) opened at 24.67 on Friday. Allegheny Technologies Incorporated has a one year low of $13.15 and a one year high of $25.51. The stock’s 50 day moving average price is $22.14 and its 200 day moving average price is $18.49. The company’s market cap is $2.69 billion.

Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The company had revenue of $880.20 million during the quarter, compared to analysts’ expectations of $874.95 million. During the same quarter in the previous year, the firm earned ($0.21) EPS. Allegheny Technologies’s revenue was up 8.6% on a year-over-year basis. Equities analysts predict that Allegheny Technologies Incorporated will post ($1.00) earnings per share for the current fiscal year.

Allegheny Technologies Profile

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and 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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