Allegheny Technologies Inc. (NYSE:ATI) Given Consensus Rating of “Buy” by Analysts
Shares of Allegheny Technologies Inc. (NYSE:ATI) have been given a consensus rating of “Buy” by the ten research firms that are currently covering the company. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $22.70.
A number of brokerages recently commented on ATI. Berenberg Bank reiterated a “hold” rating and set a $13.90 price target on shares of Allegheny Technologies in a report on Wednesday, July 27th. Cowen and Company upgraded Allegheny Technologies from an “underperform” rating to a “market perform” rating in a report on Wednesday, July 27th. Deutsche Bank AG raised Allegheny Technologies from a “hold” rating to a “buy” rating and raised their target price for the stock from $15.00 to $20.00 in a research report on Monday, August 29th. Bank of America Corp. reissued a “buy” rating on shares of Allegheny Technologies in a research report on Friday, June 17th. Finally, Seaport Global Securities started coverage on Allegheny Technologies in a research report on Friday, September 9th. They issued a “buy” rating and a $21.00 target price for the company.
Allegheny Technologies (NYSE:ATI) traded down 1.491% on Tuesday, hitting $17.505. The company had a trading volume of 611,383 shares. The stock’s market capitalization is $1.91 billion. The stock has a 50 day moving average of $17.24 and a 200-day moving average of $15.54. Allegheny Technologies has a one year low of $7.08 and a one year high of $19.10.
Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, July 26th. The company reported ($0.18) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.19. The business had revenue of $810.50 million for the quarter, compared to analyst estimates of $792.11 million. Allegheny Technologies had a negative return on equity of 7.87% and a negative net margin of 15.65%. Allegheny Technologies’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same period last year, the company posted ($0.15) earnings per share. Equities analysts anticipate that Allegheny Technologies will post ($0.92) EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Thursday, August 18th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.80%. The ex-dividend date was Tuesday, August 16th. Allegheny Technologies’s dividend payout ratio (DPR) is presently -6.97%.
Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in shares of Allegheny Technologies by 411.9% in the second quarter. Victory Capital Management Inc. now owns 2,671,792 shares of the company’s stock valued at $34,066,000 after buying an additional 2,149,896 shares during the period. State Street Corp raised its stake in Allegheny Technologies by 36.1% in the second quarter. State Street Corp now owns 5,723,605 shares of the company’s stock valued at $72,979,000 after buying an additional 1,518,622 shares in the last quarter. Norges Bank acquired a new stake in Allegheny Technologies during the fourth quarter valued at about $8,447,000. Franklin Resources Inc. raised its stake in Allegheny Technologies by 8.5% in the first quarter. Franklin Resources Inc. now owns 7,711,751 shares of the company’s stock valued at $125,704,000 after buying an additional 603,307 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Allegheny Technologies by 6.3% in the second quarter. Vanguard Group Inc. now owns 8,002,658 shares of the company’s stock valued at $102,034,000 after buying an additional 472,609 shares in the last quarter. Institutional investors own 95.60% of the company’s stock.
About Allegheny Technologies
Allegheny Technologies Incorporated (ATI) is a specialty materials and components producer. The Company operates through two business segments: High Performance Materials & Components and Flat Rolled Products. ATI’s products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented electrical steel.
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