Allegheny Technologies’ (ATI) “Buy” Rating Reaffirmed at Buckingham Research
Other research analysts have also recently issued reports about the stock. Seaport Global Securities started coverage on shares of Allegheny Technologies in a research note on Friday, September 9th. They issued a buy rating and a $21.00 price objective on the stock. Deutsche Bank AG raised shares of Allegheny Technologies from a hold rating to a buy rating and lifted their price objective for the company from $15.00 to $20.00 in a research note on Monday, August 29th. Bank of America Corp. reissued a buy rating on shares of Allegheny Technologies in a research note on Friday, June 17th. Berenberg Bank reissued a hold rating and issued a $13.90 price objective on shares of Allegheny Technologies in a research note on Wednesday, July 27th. Finally, Cowen and Company raised shares of Allegheny Technologies from an underperform rating to a market perform rating in a research note on Wednesday, July 27th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $20.10.
Allegheny Technologies (NYSE:ATI) traded down 3.14% on Monday, hitting $17.27. The stock had a trading volume of 197,850 shares. The company’s 50 day moving average is $17.24 and its 200-day moving average is $15.57. The firm’s market capitalization is $1.88 billion. Allegheny Technologies has a 1-year low of $7.08 and a 1-year high of $18.67.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.19. The business had revenue of $810.50 million for the quarter, compared to analysts’ expectations of $792.11 million. Allegheny Technologies had a negative net margin of 15.65% and a negative return on equity of 7.87%. The firm’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.15) earnings per share. On average, analysts forecast that Allegheny Technologies will post ($0.92) EPS for the current year.
Institutional investors have recently made changes to their positions in the stock. Farmers & Merchants Investments Inc. raised its position in shares of Allegheny Technologies by 5.9% in the second quarter. Farmers & Merchants Investments Inc. now owns 118,120 shares of the company’s stock valued at $1,506,000 after buying an additional 6,586 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Allegheny Technologies by 4,509.7% in the second quarter. BNP Paribas Arbitrage SA now owns 54,210 shares of the company’s stock valued at $691,000 after buying an additional 53,034 shares in the last quarter. UBS Group AG raised its stake in Allegheny Technologies by 7.3% in the first quarter. UBS Group AG now owns 202,647 shares of the company’s stock worth $3,304,000 after buying an additional 13,747 shares in the last quarter. State Street Corp raised its stake in Allegheny Technologies by 6.4% in the first quarter. State Street Corp now owns 4,204,983 shares of the company’s stock worth $68,544,000 after buying an additional 251,579 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in Allegheny Technologies by 644.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 208,500 shares of the company’s stock worth $3,399,000 after buying an additional 180,500 shares in the last quarter. Hedge funds and other institutional investors own 95.60% of the company’s stock.
Allegheny Technologies Company Profile
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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