Allegheny Technologies Inc. (ATI) Receives $22.43 Consensus PT from Analysts
Shares of Allegheny Technologies Inc. (NYSE:ATI) have earned a consensus rating of “Buy” from the ten brokerages that are covering the firm. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $22.43.
ATI has been the topic of a number of research analyst reports. Buckingham Research reaffirmed a “buy” rating and set a $21.00 price target on shares of Allegheny Technologies in a report on Monday, October 10th. Seaport Global Securities initiated coverage on Allegheny Technologies in a report on Friday, September 9th. They set a “buy” rating and a $21.00 price target on the stock. Deutsche Bank AG upgraded Allegheny Technologies from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.00 to $20.00 in a research report on Monday, August 29th. Berenberg Bank reiterated a “hold” rating and set a $13.90 price objective on shares of Allegheny Technologies in a research report on Wednesday, July 27th. Finally, Cowen and Company upgraded Allegheny Technologies from an “underperform” rating to a “market perform” rating in a research report on Wednesday, July 27th.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Allegheny Technologies by 6.3% in the second quarter. Vanguard Group Inc. now owns 8,002,658 shares of the company’s stock worth $102,034,000 after buying an additional 472,609 shares during the last quarter. State Street Corp boosted 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. BlackRock Institutional Trust Company N.A. boosted its stake in Allegheny Technologies by 4.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,246,905 shares of the company’s stock valued at $41,398,000 after buying an additional 132,579 shares in the last quarter. Victory Capital Management Inc. boosted its stake in 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 in the last quarter. Finally, Northern Trust Corp boosted its stake in Allegheny Technologies by 1.5% in the third quarter. Northern Trust Corp now owns 2,154,585 shares of the company’s stock valued at $38,933,000 after buying an additional 32,092 shares in the last quarter. Institutional investors and hedge funds own 95.42% of the company’s stock.
Shares of Allegheny Technologies (NYSE:ATI) opened at 16.99 on Tuesday. The company’s market cap is $1.85 billion. Allegheny Technologies has a 12 month low of $7.08 and a 12 month high of $18.67. The stock’s 50 day moving average price is $16.33 and its 200-day moving average price is $15.47.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, October 25th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.11. The business had revenue of $771 million for the quarter, compared to the consensus estimate of $813.02 million. Allegheny Technologies had a negative net margin of 28.52% and a negative return on equity of 8.38%. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) earnings per share. Equities research analysts expect that Allegheny Technologies will post ($1.00) earnings per share for the current year.
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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