Short Interest in Ampco-Pittsburgh Corporation (NYSE:AP) Drops By 16.0%

Key Points

• Short interest fell 16.0% in March to 346,709 shares (about 2.5% of the float), with a days-to-cover ratio of 1.4 days.
• CEO Brett McBrayer bought 7,500 shares at $6.67 on March 19, raising his holding to 585,731 shares, and insiders now own 31.61% of the company.
• Brokerage coverage is weak (average rating: "Sell" after recent downgrades), and the company reported Q earnings of -$0.17 EPS with a negative net margin; market cap is roughly $140 million.

Ampco-Pittsburgh Corporation (NYSE:AP - Get Free Report) was the recipient of a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 346,709 shares, a decrease of 16.0% from the February 26th total of 412,932 shares. Approximately 2.5% of the shares of the stock are sold short. Based on an average trading volume of 240,917 shares, the days-to-cover ratio is presently 1.4 days.

Insider Buying and Selling at Ampco-Pittsburgh

In other Ampco-Pittsburgh news, CEO Brett Mcbrayer bought 7,500 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was purchased at an average cost of $6.67 per share, with a total value of $50,025.00. Following the completion of the acquisition, the chief executive officer owned 585,731 shares in the company, valued at $3,906,825.77. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 31.61% of the company's stock.

Hedge Funds Weigh In On Ampco-Pittsburgh

A number of large investors have recently made changes to their positions in the company. Marshall Wace LLP purchased a new position in shares of Ampco-Pittsburgh during the 4th quarter worth about $1,110,000. State Street Corp raised its position in Ampco-Pittsburgh by 7.9% in the 4th quarter. State Street Corp now owns 80,116 shares of the industrial products company's stock worth $427,000 after purchasing an additional 5,900 shares during the period. Jane Street Group LLC bought a new stake in Ampco-Pittsburgh in the fourth quarter worth about $135,000. HRT Financial LP purchased a new position in shares of Ampco-Pittsburgh during the fourth quarter valued at approximately $77,000. Finally, Informed Momentum Co LLC purchased a new position in shares of Ampco-Pittsburgh during the fourth quarter valued at approximately $791,000. 49.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on AP. Wall Street Zen cut shares of Ampco-Pittsburgh from a "buy" rating to a "hold" rating in a research note on Saturday, February 14th. Weiss Ratings restated a "sell (d-)" rating on shares of Ampco-Pittsburgh in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Ampco-Pittsburgh has an average rating of "Sell".

Ampco-Pittsburgh Stock Performance

NYSE AP opened at $6.88 on Monday. The business's 50 day moving average price is $7.56 and its 200-day moving average price is $4.66. Ampco-Pittsburgh has a fifty-two week low of $1.75 and a fifty-two week high of $10.00. The company has a market cap of $139.81 million, a P/E ratio of -2.11 and a beta of 0.69. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.04 and a current ratio of 1.84.

Ampco-Pittsburgh (NYSE:AP - Get Free Report) last issued its quarterly earnings results on Monday, March 16th. The industrial products company reported ($0.17) earnings per share (EPS) for the quarter. Ampco-Pittsburgh had a negative return on equity of 3.83% and a negative net margin of 15.22%.The company had revenue of $104.37 million during the quarter.

About Ampco-Pittsburgh

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.

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