Ampco-Pittsburgh (NYSE:AP) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Shares of Ampco-Pittsburgh Corporation (NYSE:AP) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $8.64 and traded as high as $8.73. Ampco-Pittsburgh shares last traded at $8.68, with a volume of 71,580 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut Ampco-Pittsburgh from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, August 25th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Ampco-Pittsburgh Price Performance

The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 2.49. The stock has a 50-day moving average price of $8.62 and a 200 day moving average price of $8.71. The stock has a market capitalization of $159.16 million, a price-to-earnings ratio of -2.63 and a beta of 1.36.

Ampco-Pittsburgh (NYSE:AP) last announced its earnings results on Tuesday, August 11th. The industrial products company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). Ampco-Pittsburgh had a negative return on equity of 3.53% and a negative net margin of 13.84%. The business had revenue of $97.90 million for the quarter, compared to analyst estimates of $84.90 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AP. PNC Financial Services Group Inc. increased its holdings in shares of Ampco-Pittsburgh by 164.0% in the first quarter. PNC Financial Services Group Inc. now owns 6,600 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 4,100 shares during the last quarter. Hodges Capital Management Inc. acquired a new position in Ampco-Pittsburgh during the first quarter worth $73,000. Engineers Gate Manager LP acquired a new position in Ampco-Pittsburgh during the second quarter worth $106,000. Bank of America Corp DE acquired a new position in Ampco-Pittsburgh during the second quarter worth $121,000. Finally, Raffles Associates LP purchased a new stake in Ampco-Pittsburgh in the 2nd quarter valued at $130,000. 49.16% of the stock is owned by hedge funds and other institutional investors.

About Ampco-Pittsburgh

Ampco-Pittsburgh Corporation (NYSE: AP) is a diversified industrial manufacturer headquartered in Pittsburgh, Pennsylvania. Founded in 1929, the company develops and produces specialized equipment and engineered products for industrial customers, with operations serving markets in North America, Europe and other international regions.

Through its forged and cast engineered products business, Ampco-Pittsburgh manufactures steel rolls and related products used primarily in metal-producing and metal-processing applications.