Allegheny Technologies Incorporated (ATI) Stock Rating Upgraded by Bank of America Corporation

Allegheny Technologies Incorporated (NYSE:ATI) was upgraded by research analysts at Bank of America Corporation from an “underperform” rating to a “buy” rating in a report released on Monday. The firm currently has a $24.00 price objective on the basic materials company’s stock, up from their prior price objective of $16.00. Bank of America Corporation’s price target points to a potential upside of 7.58% from the company’s previous close.

Several other research analysts have also commented on the company. J P Morgan Chase & Co raised Allegheny Technologies from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $14.50 to $19.00 in a report on Wednesday, July 26th. BidaskClub raised Allegheny Technologies from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Zacks Investment Research lowered Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Finally, Longbow Research reissued a “buy” rating and set a $24.00 price objective on shares of Allegheny Technologies in a report on Wednesday, August 23rd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $20.65.

Allegheny Technologies (ATI) opened at 22.31 on Monday. Allegheny Technologies has a 12-month low of $13.15 and a 12-month high of $23.69. The stock has a 50 day moving average of $19.41 and a 200-day moving average of $17.77. The company’s market cap is $2.43 billion.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings data on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.02. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The company had revenue of $880.20 million during the quarter, compared to analyst estimates of $874.95 million. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. Allegheny Technologies’s revenue was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that Allegheny Technologies will post ($1.00) earnings per share for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in ATI. Bank of Montreal Can lifted its position in Allegheny Technologies by 14.4% in the 1st quarter. Bank of Montreal Can now owns 10,142 shares of the basic materials company’s stock worth $182,000 after buying an additional 1,276 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Allegheny Technologies by 2.2% in the 1st quarter. Louisiana State Employees Retirement System now owns 27,500 shares of the basic materials company’s stock worth $494,000 after buying an additional 600 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Allegheny Technologies by 63.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 6,380 shares of the basic materials company’s stock worth $115,000 after buying an additional 2,480 shares during the last quarter. Nationwide Fund Advisors lifted its position in Allegheny Technologies by 2.2% in the 1st quarter. Nationwide Fund Advisors now owns 264,486 shares of the basic materials company’s stock worth $4,750,000 after buying an additional 5,718 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in Allegheny Technologies by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 38,146 shares of the basic materials company’s stock worth $685,000 after buying an additional 500 shares during the last quarter. Institutional investors own 96.61% of the company’s stock.

About Allegheny Technologies

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.

Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

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