First Mercantile Trust Co Lowers stake in Allegheny Technologies Incorporated (ATI)

Allegheny Technologies Incorporated (ATI) : First Mercantile Trust Co reduced its stake in Allegheny Technologies Incorporated by 9.93% during the most recent quarter end. The investment management company now holds a total of 38,353 shares of Allegheny Technologies Incorporated which is valued at $675,396 after selling 4,230 shares in Allegheny Technologies Incorporated , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Allegheny Technologies Incorporated makes up approximately 0.09% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Advisory Services Network added ATI to its portfolio by purchasing 97 company shares during the most recent quarter which is valued at $1,708.Bnp Paribas Arbitrage Sa reduced its stake in ATI by selling 29,541 shares or 54.49% in the most recent quarter. The Hedge Fund company now holds 24,669 shares of ATI which is valued at $441,328. Washington Trust Bank sold out all of its stake in ATI during the most recent quarter. The investment firm sold 1,350 shares of ATI which is valued $24,152.

Allegheny Technologies Incorporated closed down -0.54 points or -2.98% at $17.61 with 22,15,097 shares getting traded on Friday. Post opening the session at $18.32, the shares hit an intraday low of $17.29 and an intraday high of $18.42 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Allegheny Technologies Incorporated reported $-0.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.16 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $-0.37. The company had revenue of $810.50 million for the quarter, compared to analysts expectations of $795.70 million. The company’s revenue was down -20.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.15 EPS.

Many Wall Street Analysts have commented on Allegheny Technologies Incorporated. Seaport Global Securities Initiated Allegheny Technologies Incorporated on Sep 9, 2016 to “Buy”, Price Target of the shares are set at $21.Company shares were Upgraded by Deutsche Bank on Aug 29, 2016 to ” Buy”, Firm has raised the Price Target to $ 20 from a previous price target of $15 .

Allegheny Technologies Incorporated is a specialty materials and components producer. The Company’s standard products include specialty stainless sheet stainless steel sheet and stainless steel plate. It operates through two business segments: High Performance Materials & Components and Flat Rolled Products. It’s High Performance Materials & Components segment produces converts and distributes high performance materials including titanium and titanium-based alloys nickel- and cobalt-based alloys and superalloys zirconium and related alloys. It’s Flat Rolled Products segment produces converts and distributes stainless steel nickel-based alloys specialty alloys and titanium and titanium-based alloys.

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