Karp Capital Management Corp bought a new position in Allegheny Technologies Incorporated (NYSE:ATI) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 43,055 shares of the basic materials company’s stock, valued at approximately $773,000.

A number of other institutional investors have also recently added to or reduced their stakes in ATI. Envestnet Asset Management Inc. increased its position in Allegheny Technologies by 104.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 33,529 shares of the basic materials company’s stock worth $534,000 after buying an additional 17,112 shares in the last quarter. Gamco Investors INC. ET AL increased its position in Allegheny Technologies by 2,305.9% in the fourth quarter. Gamco Investors INC. ET AL now owns 490,800 shares of the basic materials company’s stock worth $7,818,000 after buying an additional 470,400 shares in the last quarter. Gabelli Funds LLC increased its position in Allegheny Technologies by 1,540.0% in the fourth quarter. Gabelli Funds LLC now owns 287,000 shares of the basic materials company’s stock worth $4,572,000 after buying an additional 269,500 shares in the last quarter. Royce & Associates LP increased its position in Allegheny Technologies by 17.7% in the fourth quarter. Royce & Associates LP now owns 1,466,558 shares of the basic materials company’s stock worth $23,362,000 after buying an additional 220,200 shares in the last quarter. Finally, Baird Financial Group Inc. increased its position in Allegheny Technologies by 2.0% in the fourth quarter. Baird Financial Group Inc. now owns 21,902 shares of the basic materials company’s stock worth $349,000 after buying an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 96.61% of the company’s stock.

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

Allegheny Technologies Incorporated (NYSE:ATI) opened at 16.28 on Friday. The company’s market capitalization is $1.77 billion. Allegheny Technologies Incorporated has a 12-month low of $11.33 and a 12-month high of $23.69. The firm has a 50-day moving average of $16.38 and a 200 day moving average of $17.78.

Allegheny Technologies (NYSE:ATI) last released its earnings results on Tuesday, April 25th. The basic materials company reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.05. The firm had revenue of $865.90 million for the quarter, compared to analysts’ expectations of $843.39 million. Allegheny Technologies had a negative net margin of 16.10% and a negative return on equity of 1.84%. The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.94) earnings per share. Analysts forecast that Allegheny Technologies Incorporated will post ($1.00) EPS for the current fiscal year.

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A number of research firms have recently commented on ATI. Cowen and Company restated a “hold” rating and set a $18.00 price objective on shares of Allegheny Technologies in a research note on Tuesday, April 25th. Seaport Global Securities upgraded shares of Allegheny Technologies from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $24.00 to $22.00 in a research note on Thursday, March 16th. Longbow Research began coverage on shares of Allegheny Technologies in a research note on Tuesday, March 21st. They set a “buy” rating and a $24.00 price objective for the company. Deutsche Bank AG reduced their price objective on shares of Allegheny Technologies from $21.50 to $20.00 and set a “hold” rating for the company in a research note on Tuesday, March 21st. Finally, BidaskClub upgraded shares of Allegheny Technologies from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Allegheny Technologies currently has an average rating of “Hold” and an average price target of $19.74.

About Allegheny Technologies

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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