Investors Buy High Volume of Allegheny Technologies Put Options (ATI)

Allegheny Technologies Incorporated (NYSE:ATI) was the target of some unusual options trading activity on Tuesday. Investors purchased 3,642 put options on the stock. This is an increase of approximately 1,437% compared to the average volume of 237 put options.

Several institutional investors have recently bought and sold shares of ATI. Riverhead Capital Management LLC lifted its position in Allegheny Technologies by 72.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,297 shares of the basic materials company’s stock valued at $141,000 after purchasing an additional 3,497 shares during the last quarter. Strs Ohio bought a new stake in Allegheny Technologies in the 3rd quarter valued at about $145,000. Flinton Capital Management LLC lifted its position in Allegheny Technologies by 70.8% in the 2nd quarter. Flinton Capital Management LLC now owns 9,184 shares of the basic materials company’s stock valued at $156,000 after purchasing an additional 3,808 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in Allegheny Technologies by 2.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 9,587 shares of the basic materials company’s stock valued at $163,000 after purchasing an additional 201 shares during the last quarter. Finally, Sciencast Management LP bought a new stake in Allegheny Technologies in the 2nd quarter valued at about $179,000. Institutional investors own 96.18% of the company’s stock.

Several equities analysts recently issued reports on the stock. Cowen reissued a “hold” rating and set a $23.00 price objective on shares of Allegheny Technologies in a research note on Tuesday, December 12th. Berenberg Bank set a $17.00 target price on shares of Allegheny Technologies and gave the company a “hold” rating in a research note on Thursday, October 19th. KeyCorp reissued a “hold” rating on shares of Allegheny Technologies in a research note on Wednesday, October 11th. Zacks Investment Research downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Monday, January 15th. Finally, JPMorgan Chase & Co. raised their price target on shares of Allegheny Technologies from $18.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $26.50.

Shares of Allegheny Technologies (NYSE ATI) traded down $1.18 during mid-day trading on Monday, reaching $25.16. 1,650,000 shares of the company’s stock traded hands, compared to its average volume of 2,160,000. The firm has a market cap of $2,740.00, a price-to-earnings ratio of -27.96 and a beta of 2.44. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.04 and a current ratio of 2.69. Allegheny Technologies has a 52 week low of $14.54 and a 52 week high of $30.25.

Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.12. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The company had revenue of $909.90 million for the quarter, compared to the consensus estimate of $898.22 million. During the same period last year, the firm posted ($0.04) EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. equities research analysts predict that Allegheny Technologies will post 1.23 earnings per share for the current fiscal year.

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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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