BlackRock Inc. Takes $8.50 Million Position in Ampco-Pittsburgh Corporation $AP

Key Points

• BlackRock acquired 982,611 Ampco-Pittsburgh shares worth approximately $8.5 million, giving it a 4.83% stake. Institutional investors collectively own 49.16% of the company.
• Ampco-Pittsburgh reported quarterly EPS of $0.07, below the $0.08 consensus estimate, despite revenue of $97.9 million exceeding expectations. The company posted negative net margins and return on equity.
• Analyst sentiment remains negative: Weiss Ratings downgraded the stock to “sell (d-),” while the overall consensus rating is “Sell.” Shares opened at $8.69, with a market capitalization of about $179.5 million.

BlackRock Inc. acquired a new position in shares of Ampco-Pittsburgh Corporation (NYSE:AP - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 982,611 shares of the industrial products company's stock, valued at approximately $8,500,000. BlackRock Inc. owned 4.83% of Ampco-Pittsburgh as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. lifted its position in Ampco-Pittsburgh by 164.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,600 shares of the industrial products company's stock worth $44,000 after buying an additional 4,100 shares in the last quarter. Jane Street Group LLC bought a new stake in Ampco-Pittsburgh in the second quarter valued at approximately $30,000. Group One Trading LLC raised its stake in Ampco-Pittsburgh by 101.6% during the 4th quarter. Group One Trading LLC now owns 10,280 shares of the industrial products company's stock worth $55,000 after buying an additional 5,180 shares during the period. Belvedere Trading LLC acquired a new stake in Ampco-Pittsburgh during the 4th quarter worth $55,000. Finally, Hodges Capital Management Inc. bought a new position in Ampco-Pittsburgh during the first quarter worth about $73,000. Institutional investors own 49.16% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Ampco-Pittsburgh from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, August 25th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of "Sell".

Ampco-Pittsburgh Stock Up 2.4%

Shares of AP opened at $8.69 on Friday. Ampco-Pittsburgh Corporation has a 12 month low of $1.75 and a 12 month high of $12.81. The firm's 50 day moving average is $8.50 and its 200-day moving average is $9.12. The stock has a market capitalization of $179.53 million, a PE ratio of -2.97 and a beta of 1.35. The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 2.49.

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

Insider Activity

In other news, insider Samuel Lyon sold 9,500 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $9.82, for a total transaction of $93,290.00. Following the sale, the insider directly owned 181,233 shares of the company's stock, valued at approximately $1,779,708.06. This represents a 4.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 23.48% of the company's stock.

Ampco-Pittsburgh Company Profile

Ampco-Pittsburgh Corporation is a U.S.-based specialty metals manufacturer that produces cast and forged components for a range of industrial markets. The company's primary offerings include custom-designed forged rolls, grinding rolls and specialty bars for the steel and metal processing industries. In addition, Ampco-Pittsburgh supplies precision couplings, gears and die components for original equipment manufacturers in sectors such as mining, power generation and heavy machinery.

The company operates multiple production facilities in North America, where it employs advanced melting, heat-treating and machining processes to deliver components with tight tolerances and enhanced wear resistance.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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