Traders Buy Shares of Allegheny Technologies (ATI) on Weakness

Investors bought shares of Allegheny Technologies Incorporated (NYSE:ATI) on weakness during trading on Monday. $38.33 million flowed into the stock on the tick-up and $11.05 million flowed out of the stock on the tick-down, for a money net flow of $27.28 million into the stock. Of all companies tracked, Allegheny Technologies had the 33rd highest net in-flow for the day. Allegheny Technologies traded down ($0.44) for the day and closed at $28.70

A number of equities analysts have recently issued reports on ATI shares. Berenberg Bank set a $17.00 price objective on shares of Allegheny Technologies and gave the company a “hold” rating in a research note on Thursday, October 19th. Cowen reiterated a “hold” rating and set a $23.00 price objective on shares of Allegheny Technologies in a research note on Tuesday, December 12th. KeyCorp reiterated a “hold” rating on shares of Allegheny Technologies in a research note on Thursday, November 16th. Finally, Zacks Investment Research downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $21.29.

The company has a market cap of $3,020.00, a P/E ratio of -33.82 and a beta of 2.39. The company has a current ratio of 2.68, a quick ratio of 1.04 and a debt-to-equity ratio of 1.30.

Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, October 24th. The basic materials company reported ($0.07) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.07). The company had revenue of $869.10 million during the quarter, compared to the consensus estimate of $866.94 million. Allegheny Technologies had a negative net margin of 2.45% and a positive return on equity of 1.09%. Allegheny Technologies’s revenue was up 12.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.21) earnings per share. sell-side analysts anticipate that Allegheny Technologies Incorporated will post 0.32 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank boosted its stake in Allegheny Technologies by 1.2% in the second quarter. Amalgamated Bank now owns 15,449 shares of the basic materials company’s stock valued at $263,000 after acquiring an additional 186 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Allegheny Technologies by 2.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 9,587 shares of the basic materials company’s stock valued at $163,000 after acquiring an additional 201 shares in the last quarter. Prudential Financial Inc. boosted its stake in Allegheny Technologies by 0.9% in the second quarter. Prudential Financial Inc. now owns 73,002 shares of the basic materials company’s stock valued at $1,242,000 after acquiring an additional 660 shares in the last quarter. Nationwide Fund Advisors raised its holdings in shares of Allegheny Technologies by 0.3% in the second quarter. Nationwide Fund Advisors now owns 265,342 shares of the basic materials company’s stock worth $4,513,000 after buying an additional 856 shares during the last quarter. Finally, Moors & Cabot Inc. raised its holdings in shares of Allegheny Technologies by 9.4% in the second quarter. Moors & Cabot Inc. now owns 13,347 shares of the basic materials company’s stock worth $229,000 after buying an additional 1,150 shares during the last quarter.

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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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