Wall Street analysts expect that Allegheny Technologies Incorporated (NYSE:ATI) will post earnings of $0.38 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Allegheny Technologies’ earnings, with the lowest EPS estimate coming in at $0.30 and the highest estimate coming in at $0.45. Allegheny Technologies reported earnings per share of ($0.07) during the same quarter last year, which would indicate a positive year-over-year growth rate of 642.9%. The business is expected to issue its next quarterly earnings results on Tuesday, October 23rd.
According to Zacks, analysts expect that Allegheny Technologies will report full year earnings of $1.63 per share for the current fiscal year, with EPS estimates ranging from $1.55 to $1.78. For the next fiscal year, analysts anticipate that the business will report earnings of $2.21 per share, with EPS estimates ranging from $2.05 to $2.44. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Allegheny Technologies.
Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings data on Tuesday, July 24th. The basic materials company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.16. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Allegheny Technologies had a net margin of 0.30% and a return on equity of 7.84%. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 earnings per share.
A number of research firms have weighed in on ATI. Bank of America set a $34.00 price objective on shares of Allegheny Technologies and gave the stock a “buy” rating in a research report on Wednesday, July 25th. KeyCorp upped their price objective on shares of Allegheny Technologies from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, July 26th. JPMorgan Chase & Co. cut shares of Allegheny Technologies from a “neutral” rating to an “underweight” rating and set a $25.00 price objective for the company. in a research report on Friday, June 15th. Barclays upped their price objective on shares of Allegheny Technologies from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Monday, July 30th. Finally, Longbow Research cut shares of Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.00 price objective for the company. in a research report on Monday, June 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.60.
In other news, Director James C. Diggs sold 3,844 shares of the stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $29.15, for a total value of $112,052.60. Following the completion of the sale, the director now directly owns 36,146 shares in the company, valued at $1,053,655.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Karl D. Schwartz sold 1,000 shares of the stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $27.34, for a total transaction of $27,340.00. The disclosure for this sale can be found here. Insiders sold 6,844 shares of company stock valued at $191,943 over the last quarter. Company insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ATI. Cubist Systematic Strategies LLC acquired a new stake in shares of Allegheny Technologies in the first quarter valued at about $126,000. Zeke Capital Advisors LLC acquired a new stake in Allegheny Technologies during the first quarter worth about $200,000. MAI Capital Management acquired a new stake in Allegheny Technologies during the second quarter worth about $207,000. Commonwealth Equity Services LLC acquired a new stake in Allegheny Technologies during the second quarter worth about $219,000. Finally, IndexIQ Advisors LLC increased its position in Allegheny Technologies by 57.4% during the second 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 during the last quarter.
NYSE:ATI opened at $25.86 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 2.87 and a debt-to-equity ratio of 0.75. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 24.81 and a beta of 2.51. Allegheny Technologies has a fifty-two week low of $20.27 and a fifty-two week high of $30.25.
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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