Alleghany Co. (NYSE:Y) was the recipient of a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 110,500 shares, a decline of 9.9% from the June 30th total of 122,700 shares. Based on an average trading volume of 89,200 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.8% of the shares of the company are short sold.
In other Alleghany news, Director Phillip M. Martineau sold 559 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $684.53, for a total value of $382,652.27. Following the transaction, the director now directly owns 3,214 shares in the company, valued at $2,200,079.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.44% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Cleararc Capital Inc. bought a new position in shares of Alleghany in the 1st quarter worth $228,000. Pennsylvania Trust Co bought a new position in shares of Alleghany in the 1st quarter worth $8,561,000. Northern Trust Corp increased its holdings in shares of Alleghany by 0.5% in the 1st quarter. Northern Trust Corp now owns 148,022 shares of the insurance provider’s stock worth $90,648,000 after buying an additional 671 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Alleghany by 32.9% in the 1st quarter. Toronto Dominion Bank now owns 2,674 shares of the insurance provider’s stock worth $1,637,000 after buying an additional 662 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Alleghany by 0.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 56,229 shares of the insurance provider’s stock worth $34,435,000 after buying an additional 369 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.
A number of analysts recently commented on the stock. Royal Bank of Canada restated an “average” rating on shares of Alleghany in a research note on Thursday, May 16th. Deutsche Bank assumed coverage on shares of Alleghany in a research note on Thursday, May 23rd. They set a “hold” rating and a $700.00 price target on the stock. ValuEngine upgraded shares of Alleghany from a “hold” rating to a “buy” rating in a research note on Friday, April 19th. JMP Securities upped their price target on shares of Alleghany from $690.00 to $700.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Finally, Zacks Investment Research cut shares of Alleghany from a “buy” rating to a “hold” rating and set a $809.00 price target on the stock. in a research note on Sunday, July 14th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $736.33.
NYSE Y opened at $743.09 on Friday. Alleghany has a 1 year low of $574.42 and a 1 year high of $759.53. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.33 and a quick ratio of 0.33. The stock has a market capitalization of $10.74 billion, a PE ratio of 46.07 and a beta of 0.66. The company’s 50 day simple moving average is $704.75 and its two-hundred day simple moving average is $663.25.
Alleghany (NYSE:Y) last posted its earnings results on Tuesday, August 6th. The insurance provider reported $12.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $9.48 by $2.92. Alleghany had a net margin of 3.86% and a return on equity of 2.88%. The business had revenue of $2.10 billion for the quarter. During the same quarter in the prior year, the company earned $9.78 earnings per share. On average, research analysts anticipate that Alleghany will post 42.15 EPS for the current year.
Alleghany Company Profile
Alleghany Corporation provides property and casualty reinsurance and insurance products in the United States and internationally. The company operates in three segments: Reinsurance, Insurance, and Alleghany Capital. The Reinsurance segment offers fire, allied lines, auto physical damage, and homeowners multiple peril reinsurance products; and casualty and other reinsurance products, such as medical malpractice, ocean marine and aviation, accident and health, mortgage, surety, and credit reinsurance products, as well as directors' and officers', errors and omissions, general, and auto liability reinsurance.
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