Zacks Investment Research upgraded shares of Allegheny Technologies (NYSE:ATI) from a hold rating to a buy rating in a report published on Thursday morning. They currently have $28.00 price objective on the basic materials company’s stock.
According to Zacks, “Annual earnings estimates for Allegheny have been increasing lately. Allegheny is expected to benefit from strong performance in the HPMC division and efforts to improve cost structure with its gross cost-reduction initiatives. Higher demand in the aerospace market should drive revenues in the HPMC unit. The HRPF facility is also likely to boost capabilities of the FRP division. The company is also well placed to gain from its joint venture with Tsingshan.”
Several other brokerages have also recently issued reports on ATI. Cowen restated a buy rating and set a $35.00 price objective on shares of Allegheny Technologies in a research note on Tuesday, July 24th. Longbow Research cut Allegheny Technologies from a buy rating to a neutral rating and set a $24.00 price objective on the stock. in a research note on Monday, June 25th. Barclays upped their price objective on Allegheny Technologies from $36.00 to $39.00 and gave the company an overweight rating in a research note on Monday, July 30th. JPMorgan Chase & Co. cut Allegheny Technologies from a neutral rating to an underweight rating and set a $25.00 price objective on the stock. in a research note on Friday, June 15th. Finally, ValuEngine cut Allegheny Technologies from a hold rating to a sell rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $30.60.
Shares of NYSE:ATI traded up $1.04 during trading on Thursday, hitting $26.83. The company’s stock had a trading volume of 30,278 shares, compared to its average volume of 1,144,308. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.18 and a current ratio of 2.87. Allegheny Technologies has a fifty-two week low of $21.01 and a fifty-two week high of $30.25. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of 54.65 and a beta of 2.51.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings data on Tuesday, July 24th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.16. Allegheny Technologies had a return on equity of 7.84% and a net margin of 0.30%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Allegheny Technologies’s revenue for the quarter was up 14.7% compared to the same quarter last year. equities research analysts predict that Allegheny Technologies will post 1.63 EPS for the current year.
In other news, VP Karl D. Schwartz sold 1,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $25.90, for a total transaction of $25,900.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James C. Diggs sold 3,844 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $29.15, for a total value of $112,052.60. Following the sale, the director now owns 36,146 shares in the company, valued at $1,053,655.90. The disclosure for this sale can be found here. Insiders have sold a total of 5,844 shares of company stock worth $164,603 over the last quarter. Insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in ATI. Cubist Systematic Strategies LLC acquired a new stake in shares of Allegheny Technologies during the 1st quarter worth approximately $126,000. MAI Capital Management acquired a new stake in shares of Allegheny Technologies during the 2nd quarter worth approximately $207,000. Commonwealth Equity Services LLC acquired a new stake in shares of Allegheny Technologies during the 2nd quarter worth approximately $219,000. IndexIQ Advisors LLC raised its position in shares of Allegheny Technologies by 57.4% during the 2nd quarter. IndexIQ Advisors LLC now owns 9,311 shares of the basic materials company’s stock worth $234,000 after purchasing an additional 3,397 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Allegheny Technologies during the 2nd quarter worth approximately $238,000.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components, and Flat-Rolled Products. The High Performance Materials & Components segment produces, converts, and distributes a range of high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in long product forms of ingots, billets, bars, rods, wires, and shapes and rectangles, as well as seamless tubes, plus precision forgings, castings, components, and machined parts.
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