Platinum Investment Management Ltd Lowers stake in Allegheny Technologies Incorporated (ATI)

Allegheny Technologies Incorporated (ATI) : Platinum Investment Management Ltd reduced its stake in Allegheny Technologies Incorporated by 9.25% during the most recent quarter end. The investment management company now holds a total of 3,990,380 shares of Allegheny Technologies Incorporated which is valued at $68,355,209 after selling 406,521 shares in Allegheny Technologies Incorporated , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Allegheny Technologies Incorporated makes up approximately 1.54% of Platinum Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Aperio Group boosted its stake in ATI in the latest quarter, The investment management firm added 2,791 additional shares and now holds a total of 46,913 shares of Allegheny Technologies Incorporated which is valued at $803,620. Allegheny Technologies Incorporated makes up approx 0.01% of Aperio Group’s portfolio.Bessemer Group Inc boosted its stake in ATI in the latest quarter, The investment management firm added 2,530 additional shares and now holds a total of 13,755 shares of Allegheny Technologies Incorporated which is valued at $235,623.Oppenheimerfunds boosted its stake in ATI in the latest quarter, The investment management firm added 2,835 additional shares and now holds a total of 36,212 shares of Allegheny Technologies Incorporated which is valued at $620,312. Financial Architects Inc added ATI to its portfolio by purchasing 2,500 company shares during the most recent quarter which is valued at $44,900. Allegheny Technologies Incorporated makes up approx 0.01% of Financial Architects Inc’s portfolio.

Allegheny Technologies Incorporated opened for trading at $17.11 and hit $18.54 on the upside on Monday, eventually ending the session at $18.5, with a gain of 11.11% or 1.85 points. The heightened volatility saw the trading volume jump to 42,46,698 shares. Company has a market cap of $2,015 M.

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. 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 was Upgraded by BofA/Merrill to ” Buy” on May 23, 2016.

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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