Ampco-Pittsburgh (NYSE:AP) Stock Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Ampco-Pittsburgh shares briefly crossed above their 200-day moving average of $9.07, reaching $9.31 before last trading at $8.87, down 1.4%.
• Weiss Ratings downgraded the stock from “sell (d)” to “sell (d-),” while the company’s only tracked analyst maintains a Sell rating.
• The latest quarter showed mixed results: revenue of $97.9 million exceeded estimates, but EPS of $0.07 missed consensus, and the company reported a negative net margin and return on equity.

Ampco-Pittsburgh Corporation (NYSE:AP - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $9.07 and traded as high as $9.31. Ampco-Pittsburgh shares last traded at $8.87, with a volume of 100,287 shares.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Ampco-Pittsburgh from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, August 25th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of "Sell".

Ampco-Pittsburgh Trading Down 1.4%

The stock has a market cap of $183.25 million, a price-to-earnings ratio of -3.03 and a beta of 1.35. The company has a debt-to-equity ratio of 2.49, a current ratio of 1.78 and a quick ratio of 0.96. The company's fifty day moving average price is $8.70 and its 200-day moving average price is $9.07.

Ampco-Pittsburgh (NYSE:AP - Get Free Report) last released its earnings results on Tuesday, August 11th. The industrial products company reported $0.07 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $97.90 million during the quarter, compared to analyst estimates of $84.90 million.

Hedge Funds Weigh In On Ampco-Pittsburgh

Hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new stake in Ampco-Pittsburgh during the 2nd quarter valued at about $106,000. Empowered Funds LLC acquired a new position in shares of Ampco-Pittsburgh in the second quarter valued at about $435,000. Raffles Associates LP purchased a new position in shares of Ampco-Pittsburgh in the second quarter worth about $130,000. Bank of America Corp DE purchased a new position in shares of Ampco-Pittsburgh in the second quarter worth about $121,000. Finally, Meros Investment Management LP acquired a new stake in shares of Ampco-Pittsburgh during the second quarter worth about $2,075,222. 49.16% of the stock is owned by institutional investors and hedge funds.

Ampco-Pittsburgh Company Profile

Ampco-Pittsburgh Corporation NYSE: AP is a diversified industrial manufacturer headquartered in Pittsburgh, Pennsylvania. The company produces specialized equipment and engineered products used in steel production, industrial processing, energy, and other manufacturing applications.

Through its forged and cast engineered products operations, Ampco-Pittsburgh manufactures forged and cast steel rolls, open-die forgings, and related products for steel mills and other heavy industries. Its air and liquid processing operations provide heat-exchange equipment, air-handling systems, cooling products, and other engineered solutions designed to support industrial process and environmental-control applications.

Ampco-Pittsburgh traces its history to 1929 and serves customers in North America and international markets through manufacturing and sales operations.

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