Allegheny Technologies (NYSE:ATI) was upgraded by analysts at Cowen from a “market perform” rating to an “outperform” rating in a research note issued on Monday, January 8th, MarketBeat.com reports.
ATI has been the subject of a number of other research reports. Bank of America upgraded shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and increased their target price for the company from $16.00 to $24.00 in a research report on Monday, September 11th. KeyCorp reiterated a “hold” rating on shares of Allegheny Technologies in a research report on Thursday, November 16th. Finally, Berenberg Bank set a $17.00 target price on shares of Allegheny Technologies and gave the company a “hold” rating in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Allegheny Technologies currently has an average rating of “Hold” and an average target price of $26.50.
Allegheny Technologies (NYSE:ATI) traded down $1.07 during trading on Monday, hitting $26.34. 1,751,798 shares of the stock traded hands, compared to its average volume of 2,466,427. The company has a market capitalization of $3,394.26 and a price-to-earnings ratio of -30.63. The company has a quick ratio of 1.04, a current ratio of 2.69 and a debt-to-equity ratio of 0.83. Allegheny Technologies has a fifty-two week low of $14.54 and a fifty-two week high of $30.25.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.15 by $0.12. The business had revenue of $909.90 million during the quarter, compared to analyst estimates of $898.22 million. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. research analysts expect that Allegheny Technologies will post 1.23 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Bank lifted its holdings in Allegheny Technologies by 15.2% in the 4th quarter. Comerica Bank now owns 100,478 shares of the basic materials company’s stock valued at $2,888,000 after acquiring an additional 13,270 shares during the last quarter. Iridian Asset Management LLC CT lifted its holdings in Allegheny Technologies by 0.4% in the 4th quarter. Iridian Asset Management LLC CT now owns 8,649,563 shares of the basic materials company’s stock valued at $208,800,000 after acquiring an additional 35,508 shares during the last quarter. State Treasurer State of Michigan lifted its holdings in Allegheny Technologies by 10.5% in the 4th quarter. State Treasurer State of Michigan now owns 45,200 shares of the basic materials company’s stock valued at $1,091,000 after acquiring an additional 4,300 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Allegheny Technologies in the 4th quarter valued at about $1,731,000. Finally, Parametrica Management Ltd acquired a new stake in Allegheny Technologies in the 4th quarter valued at about $382,000.
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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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