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 20.79% during the most recent quarter end. The investment management company now holds a total of 4,396,901 shares of Allegheny Technologies Incorporated which is valued at $62.3 Million after selling 1,153,735 shares in Allegheny Technologies Incorporated , the firm said in a disclosure report filed with the SEC on May 13, 2016.Allegheny Technologies Incorporated makes up approximately 1.45% of Platinum Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Kennedy Capital Management reduced its stake in ATI by selling 1,342 shares or 2.73% in the most recent quarter. The Hedge Fund company now holds 47,785 shares of ATI which is valued at $676,636. Allegheny Technologies Incorporated makes up approx 0.01% of Kennedy Capital Management’s portfolio.Shufro Rose Co boosted its stake in ATI in the latest quarter, The investment management firm added 1,084 additional shares and now holds a total of 32,534 shares of Allegheny Technologies Incorporated which is valued at $460,681. Allegheny Technologies Incorporated makes up approx 0.05% of Shufro Rose Co’s portfolio. Massmutual Trust Co Fsbadv sold out all of its stake in ATI during the most recent quarter. The investment firm sold 11,798 shares of ATI which is valued $167,060.Cadence Capital Management reduced its stake in ATI by selling 4,297 shares or 23.47% in the most recent quarter. The Hedge Fund company now holds 14,010 shares of ATI which is valued at $217,996. Allegheny Technologies Incorporated makes up approx 0.02% of Cadence Capital Management’s portfolio. Whittier Trust Co sold out all of its stake in ATI during the most recent quarter. The investment firm sold 697 shares of ATI which is valued $11,389.

Allegheny Technologies Incorporated opened for trading at $11.7 and hit $12.07 on the upside on Wednesday, eventually ending the session at $11.98, with a gain of 3.81% or 0.44 points. The heightened volatility saw the trading volume jump to 40,73,092 shares. Company has a market cap of $1,305 M.

On the company’s financial health, Allegheny Technologies Incorporated reported $-0.58 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus of $-0.56. The company had revenue of $757.50 million for the quarter, compared to analysts expectations of $796.57 million. The company’s revenue was down -32.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.09 EPS.

Many Wall Street Analysts have commented on Allegheny Technologies Incorporated. Allegheny Technologies Incorporated was Upgraded by BofA/Merrill to ” Buy” on May 23, 2016. Company shares were Reiterated by Deutsche Bank on Mar 23, 2016 to “Hold”, Firm has raised the Price Target to $ 13 from a previous price target of $10 .Allegheny Technologies Incorporated was Initiated by Berenberg to “Hold” on Mar 3, 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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