Allegheny Technologies Incorporated (NYSE: ATI) Given Average Analyst ‘Buy’ Recommendation
Allegheny Technologies Incorporated (NYSE: ATI) has been given a consensus “Buy” recommendation from the eight rating companies that currently cover the company, reports Marketbeat Ratings. Two analysts rated the stock with a hold recommendation, four issued a buy recommendation and one issued a strong buy recommendation on the company. The 1-year average price target among analysts who updated their stock coverage in the past year is $ 21.86.
ATI has been the subject of several analyst reports. KeyCorp raised its target price on Allegheny Technologies shares from $ 25 to $ 27.00 and assigned the company an “overweight” rating in a report released on Tuesday, May 4. Barclays upgraded Allegheny Technologies shares from a “peer-to-peer” rating to an “overweight” rating and increased its price target for the company from $ 16.00 to $ 26.00 in a research note on Tuesday March 16. Finally, Bank of America upgraded Allegheny Technologies from an “underperforming” rating to a “neutral” rating and increased its target price for the stock from $ 15.00 to $ 22.00 in a research note on Wednesday July 7.
In other news, the acquisition’s lead sponsor, I. Fortress, bought 7,500,000 shares of the company in a trade on Wednesday, June 16. The share was acquired at an average cost of $ 10.00 per share, for a total value of $ 75,000,000.00. Additionally, Marketing Director Kevin B. Kramer sold 10,000 shares of the company in a trade on Tuesday, June 1. The shares were sold at an average price of $ 25, for a total value of $ 250,000.00. Disclosure of this sale can be found here. Insiders own 0.76% of the company’s shares.
A number of institutional investors and hedge funds have recently changed their positions in ATI. Sowell Financial Services LLC increased its stake in Allegheny Technologies by 60.3% in the 1st quarter. Sowell Financial Services LLC now owns 1,273 shares of the basic materials company valued at $ 31,000 after acquiring an additional 479 shares during the period. Captrust Financial Advisors increased its stake in Allegheny Technologies by 626.3% in the 1st quarter. Captrust Financial Advisors now owns 1,743 shares of the basic materials company valued at $ 37,000 after purchasing an additional 1,503 shares during the period. Pinz Capital Management LP acquired a new position in Allegheny Technologies during the 1st quarter valued at approximately $ 139,000. Wealthcare Advisory Partners LLC purchased a new stake in Allegheny Technologies during the 1st quarter for a value of $ 180,000. Finally, the Public Employees Retirement System of Ohio increased its position in Allegheny Technologies shares by 8.3% during the fourth quarter. The Ohio Public Employee Retirement System now owns 11,307 shares of the basic materials company worth $ 190,000 after acquiring 869 more shares in the last quarter.
Actions of Allegheny Technologies shares open at $ 21.23 Wednesday. Allegheny Technologies has a 52 week low of $ 8.04 and a 52 week high of $ 25.03. The company has a current ratio of 3.04, a quick ratio of 1.52, and a debt to equity ratio of 2.62. The company has a 50-day moving average of $ 22.76. The stock has a market cap of $ 2.70 billion, a P / E ratio of -1.68 and a beta of 1.90.
Allegheny Technologies (NYSE: ATI) last reported its quarterly results on Wednesday, April 28. The basic materials company reported ($ 0.06) earnings per share (EPS) for the quarter, beating Thomson Reuters consensus estimate of ($ 0.24) by $ 0.18. Allegheny Technologies recorded a negative return on equity of 8.08% and a negative net margin of 58.90%. The company posted revenue of $ 693.00 million in the quarter, compared to a consensus estimate of $ 650.41 million. In the same quarter of the previous year, the company posted earnings of $ 0.20 per share. Allegheny Technologies revenue is down 27.5% compared to the same quarter last year. Stock analysts expect Allegheny Technologies to post EPS of -0.2 for the current fiscal year.
About Allegheny Technologies
Allegheny Technologies Incorporated manufactures and sells specialty materials and components around the world. The company operates in two segments, High Performance Materials and Components and Advanced Alloys and Solutions. The company produces high performance materials, including titanium and titanium-based alloys; alloys and superalloys based on nickel and cobalt; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in the form of long products of ingots, billets, bars, rods, wires and shapes and rectangles, as well as seamless tubes, as well as forgings, castings, components and machined parts precision for the aerospace and defense, medical, petroleum, and gas and electric power markets.
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