Several other equities analysts also recently commented on ATI. BidaskClub upgraded Allegheny Technologies from a strong sell rating to a sell rating in a research note on Tuesday, June 13th. Zacks Investment Research downgraded Allegheny Technologies from a hold rating to a sell rating in a research note on Monday, July 17th. J P Morgan Chase & Co upgraded Allegheny Technologies from an underweight rating to a neutral rating and upped their price objective for the company from $14.50 to $19.00 in a research note on Wednesday, July 26th. Longbow Research reiterated a buy rating and issued a $24.00 price objective on shares of Allegheny Technologies in a research note on Wednesday, August 23rd. Finally, Bank of America Corporation upgraded Allegheny Technologies from an underperform rating to a buy rating and upped their price objective for the company from $16.00 to $24.00 in a research note on Monday, September 11th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $20.60.
Allegheny Technologies (NYSE ATI) traded up 2.16% during mid-day trading on Wednesday, hitting $24.56. The stock had a trading volume of 2,190,268 shares. The firm’s 50-day moving average price is $22.56 and its 200-day moving average price is $18.64. Allegheny Technologies has a 1-year low of $13.15 and a 1-year high of $25.51. The stock’s market cap is $2.67 billion.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $880.20 million for the quarter, compared to the consensus estimate of $874.95 million. During the same quarter in the previous year, the business earned ($0.21) EPS. The company’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Allegheny Technologies will post ($1.00) earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of the stock. Strategic Wealth Advisors Group LLC purchased a new position in Allegheny Technologies in the second quarter valued at approximately $301,000. Verition Fund Management LLC bought a new stake in Allegheny Technologies during the 2nd quarter valued at $281,000. Raymond James Financial Services Advisors Inc. raised its holdings in Allegheny Technologies by 3.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 89,099 shares of the basic materials company’s stock valued at $1,516,000 after acquiring an additional 3,250 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Allegheny Technologies by 1.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 240,647 shares of the basic materials company’s stock valued at $4,093,000 after acquiring an additional 3,489 shares during the period. Finally, Moors & Cabot Inc. raised its holdings in Allegheny Technologies by 9.4% during the 2nd quarter. Moors & Cabot Inc. now owns 13,347 shares of the basic materials company’s stock valued at $229,000 after acquiring an additional 1,150 shares during the period.
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.
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