Ampco-Pittsburgh (AP) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of Ampco-Pittsburgh (NYSE:AP) from a strong sell rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “Ampco-Pittsburgh Corporation’s businesses are classified in three segments: Forged and Cast Rolls, Air and Liquid Processing, and Plastics Processing Machinery. “
Separately, Janney Montgomery Scott downgraded Ampco-Pittsburgh from a buy rating to a neutral rating in a research note on Monday, August 13th.
Ampco-Pittsburgh (NYSE:AP) last issued its quarterly earnings data on Thursday, November 8th. The industrial products company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.55) by ($0.01). Ampco-Pittsburgh had a negative net margin of 2.62% and a negative return on equity of 6.73%. The company had revenue of $112.22 million during the quarter, compared to the consensus estimate of $109.00 million. On average, research analysts forecast that Ampco-Pittsburgh will post -1.13 EPS for the current fiscal year.
In other Ampco-Pittsburgh news, Director James J. Abel bought 7,000 shares of the stock in a transaction on Friday, November 30th. The shares were purchased at an average price of $4.12 per share, with a total value of $28,840.00. Following the acquisition, the director now directly owns 24,266 shares of the company’s stock, valued at approximately $99,975.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Rodney Scagline bought 8,000 shares of the stock in a transaction on Tuesday, November 13th. The stock was acquired at an average cost of $4.53 per share, for a total transaction of $36,240.00. Following the acquisition, the insider now directly owns 26,535 shares in the company, valued at $120,203.55. The disclosure for this purchase can be found here. Insiders acquired a total of 26,000 shares of company stock worth $113,002 in the last ninety days. Insiders own 29.90% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Ampco-Pittsburgh by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 514,561 shares of the industrial products company’s stock valued at $3,036,000 after purchasing an additional 15,461 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Ampco-Pittsburgh by 6.9% in the 3rd quarter. Renaissance Technologies LLC now owns 309,881 shares of the industrial products company’s stock valued at $1,828,000 after purchasing an additional 20,081 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ampco-Pittsburgh by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 775,582 shares of the industrial products company’s stock valued at $4,576,000 after purchasing an additional 28,258 shares in the last quarter. Walthausen & Co. LLC acquired a new stake in shares of Ampco-Pittsburgh in the 3rd quarter valued at $2,163,000. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Ampco-Pittsburgh in the 3rd quarter valued at $108,000. 51.16% of the stock is currently owned by hedge funds and other institutional investors.
Ampco-Pittsburgh Corporation, together with its subsidiaries, manufactures and sells custom designed engineering products to commercial and industrial users worldwide. The company operates in two segments, Forged and Cast Engineered Products; and Air and Liquid Processing. The Forged and Cast Engineered Products segment produces forged hardened steel rolls that are used in cold rolling by producers of steel, aluminum, and other metals; ingot and open-die forged products for use in the oil and gas, and the aluminum and plastic extrusion industries; and cast rolls for hot and cold strip mills, medium/heavy section mills, hot strip finishing, roughing mills, and plate mills in various iron and steel qualities.
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