Brokerages forecast that Allegheny Technologies Incorporated (NYSE:ATI) will post sales of $1.00 billion for the current quarter, Zacks reports. Four analysts have provided estimates for Allegheny Technologies’ earnings. The highest sales estimate is $1.04 billion and the lowest is $979.60 million. Allegheny Technologies posted sales of $869.10 million in the same quarter last year, which suggests a positive year-over-year growth rate of 15.1%. The firm is scheduled to issue its next earnings report before the market opens on Tuesday, October 23rd.
On average, analysts expect that Allegheny Technologies will report full-year sales of $4.02 billion for the current financial year, with estimates ranging from $3.97 billion to $4.10 billion. For the next fiscal year, analysts anticipate that the company will post sales of $4.28 billion, with estimates ranging from $4.18 billion to $4.57 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Allegheny Technologies.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 24th. The basic materials company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.16. Allegheny Technologies had a return on equity of 7.84% and a net margin of 0.30%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the firm earned $0.09 EPS. The company’s quarterly revenue was up 14.7% on a year-over-year basis.
A number of research analysts recently weighed in on ATI shares. Zacks Investment Research raised shares of Allegheny Technologies from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Tuesday, June 26th. Cowen reaffirmed a “buy” rating and issued a $35.00 price target on shares of Allegheny Technologies in a research note on Tuesday, June 26th. Longbow Research lowered shares of Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research note on Monday, June 25th. Stephens started coverage on shares of Allegheny Technologies in a research note on Tuesday, June 26th. They issued an “overweight” rating on the stock. Finally, JPMorgan Chase & Co. lowered shares of Allegheny Technologies from a “neutral” rating to an “underweight” rating and set a $25.00 price target on the stock. in a research note on Friday, June 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $30.60.
In other Allegheny Technologies news, VP Karl D. Schwartz sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $26.65, for a total value of $26,650.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James C. Diggs sold 3,844 shares of the firm’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $29.15, for a total transaction of $112,052.60. Following the completion of the transaction, the director now directly owns 36,146 shares in the company, valued at $1,053,655.90. The disclosure for this sale can be found here. Insiders sold a total of 6,844 shares of company stock worth $191,393 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ATI. Cubist Systematic Strategies LLC purchased a new position in Allegheny Technologies in the 1st quarter worth approximately $126,000. MAI Capital Management purchased a new position in Allegheny Technologies in the 2nd quarter worth approximately $207,000. Commonwealth Equity Services LLC purchased a new position in Allegheny Technologies in the 2nd quarter worth approximately $219,000. IndexIQ Advisors LLC lifted its stake in Allegheny Technologies by 57.4% in the 2nd quarter. IndexIQ Advisors LLC now owns 9,311 shares of the basic materials company’s stock worth $234,000 after purchasing an additional 3,397 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Allegheny Technologies in the 2nd quarter worth approximately $238,000.
Allegheny Technologies stock traded up $0.10 during midday trading on Wednesday, reaching $27.09. The company had a trading volume of 1,388,735 shares, compared to its average volume of 1,736,728. The firm has a market capitalization of $3.71 billion, a PE ratio of 56.44 and a beta of 2.46. Allegheny Technologies has a 12-month low of $21.01 and a 12-month high of $30.25. The company has a current ratio of 2.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.75.
About Allegheny Technologies
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components, and Flat-Rolled Products. The High Performance Materials & Components segment produces, converts, and distributes a range of high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in long product forms of ingots, billets, bars, rods, wires, and shapes and rectangles, as well as seamless tubes, plus precision forgings, castings, components, and machined parts.
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