Short Interest in Allegheny Technologies Incorporated (ATI) Expands By 20.1%

Allegheny Technologies Incorporated (NYSE:ATI) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 18,636,951 shares, an increase of 20.1% from the February 15th total of 15,517,611 shares. Based on an average daily volume of 1,078,053 shares, the days-to-cover ratio is presently 17.3 days. Currently, 15.0% of the shares of the company are sold short.

Shares of Allegheny Technologies stock opened at $25.47 on Monday. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 0.93 and a beta of 2.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.24 and a current ratio of 2.68. Allegheny Technologies has a 52-week low of $20.84 and a 52-week high of $30.18.

Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, January 22nd. The basic materials company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.03). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $991.88 million. Allegheny Technologies had a net margin of 5.50% and a return on equity of 10.28%. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the firm earned $0.27 EPS. Analysts expect that Allegheny Technologies will post 1.85 EPS for the current fiscal year.

Several brokerages have issued reports on ATI. Macquarie began coverage on shares of Allegheny Technologies in a report on Thursday, February 14th. They issued an “outperform” rating and a $27.84 price target on the stock. ValuEngine raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, Berenberg Bank began coverage on shares of Allegheny Technologies in a report on Thursday, December 6th. They issued a “buy” rating and a $35.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $33.17.

In related news, Director Barabara S. Jeremiah sold 7,500 shares of the company’s stock in a transaction on Thursday, January 24th. The shares were sold at an average price of $25.61, for a total transaction of $192,075.00. Following the completion of the transaction, the director now directly owns 33,833 shares in the company, valued at approximately $866,463.13. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Richard J. Harshman sold 10,780 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $29.13, for a total transaction of $314,021.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,628 shares of company stock valued at $1,301,542. Corporate insiders own 1.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Allegheny Technologies by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 11,346,496 shares of the basic materials company’s stock worth $335,290,000 after purchasing an additional 187,817 shares during the last quarter. Vanguard Group Inc grew its holdings in shares of Allegheny Technologies by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 11,346,496 shares of the basic materials company’s stock worth $335,290,000 after purchasing an additional 187,817 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Allegheny Technologies by 142.7% in the 3rd quarter. Capital Research Global Investors now owns 5,854,900 shares of the basic materials company’s stock worth $173,012,000 after purchasing an additional 3,442,400 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Allegheny Technologies by 15.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,424,729 shares of the basic materials company’s stock worth $96,329,000 after purchasing an additional 591,706 shares during the last quarter. Finally, Capital World Investors grew its holdings in shares of Allegheny Technologies by 16.7% in the 3rd quarter. Capital World Investors now owns 3,881,000 shares of the basic materials company’s stock worth $114,684,000 after purchasing an additional 554,500 shares during the last quarter.

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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 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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