Shares of Allegheny Technologies Inc. (NYSE:ATI) have earned a consensus rating of “Buy” from the ten research firms that are currently covering the stock. Three analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $22.70.
Several analysts have recently commented on the company. Bank of America Corp. reissued a “buy” rating on shares of Allegheny Technologies in a research note on Friday, June 17th. Seaport Global Securities assumed coverage on Allegheny Technologies in a research note on Friday, September 9th. They issued a “buy” rating and a $21.00 price objective for the company. Deutsche Bank AG raised Allegheny Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $15.00 to $20.00 in a research note on Monday, August 29th. 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 Allegheny Technologies from an “underperform” rating to a “market perform” rating in a research note on Wednesday, July 27th.
Shares of Allegheny Technologies (NYSE:ATI) opened at 17.61 on Tuesday. The firm’s market capitalization is $1.92 billion. Allegheny Technologies has a 12-month low of $7.08 and a 12-month high of $18.74. The company’s 50-day moving average price is $17.23 and its 200 day moving average price is $15.57.
Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.19. Allegheny Technologies had a negative return on equity of 7.87% and a negative net margin of 15.65%. The business had revenue of $810.50 million for the quarter, compared to the consensus estimate of $792.11 million. During the same period in the prior year, the business earned ($0.15) EPS. The firm’s revenue for the quarter was down 20.7% on a year-over-year basis. On average, equities analysts forecast that Allegheny Technologies will post ($0.92) earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC acquired a new position in Allegheny Technologies during the second quarter valued at about $633,000. Schwab Charles Investment Management Inc. raised its position in Allegheny Technologies by 68.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 498,645 shares of the company’s stock valued at $6,358,000 after buying an additional 202,172 shares in the last quarter. Amalgamated Bank raised its position in Allegheny Technologies by 2.1% in the second quarter. Amalgamated Bank now owns 13,482 shares of the company’s stock valued at $237,000 after buying an additional 277 shares in the last quarter. Legal & General Group Plc raised its position in Allegheny Technologies by 40.5% in the second quarter. Legal & General Group Plc now owns 113,338 shares of the company’s stock valued at $1,435,000 after buying an additional 32,673 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in Allegheny Technologies by 79.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 177,326 shares of the company’s stock valued at $2,261,000 after buying an additional 78,610 shares in the last quarter. 95.60% of the stock is owned by institutional investors.
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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