Longbow Research upgraded shares of Allegheny Technologies (NYSE:ATI) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. Longbow Research currently has $34.00 target price on the basic materials company’s stock.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Allegheny Technologies from a hold rating to a buy rating and set a $28.00 target price for the company in a research note on Thursday, September 13th. KeyCorp boosted their price objective on shares of Allegheny Technologies from $31.00 to $32.00 and gave the company a buy rating in a research note on Thursday, July 26th. Bank of America set a $34.00 price objective on shares of Allegheny Technologies and gave the company a buy rating in a research note on Wednesday, July 25th. Barclays boosted their price objective on shares of Allegheny Technologies from $36.00 to $39.00 and gave the company an overweight rating in a research note on Monday, July 30th. Finally, ValuEngine cut shares of Allegheny Technologies from a hold rating to a sell rating in a research note on Tuesday, September 11th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Allegheny Technologies currently has an average rating of Buy and a consensus target price of $33.56.
Shares of ATI traded down $0.02 during trading hours on Tuesday, hitting $28.26. The company’s stock had a trading volume of 159,692 shares, compared to its average volume of 1,788,479. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 58.88 and a beta of 2.37. The company has a quick ratio of 1.21, a current ratio of 2.90 and a debt-to-equity ratio of 0.74. Allegheny Technologies has a 52-week low of $21.01 and a 52-week high of $30.25.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, October 23rd. The basic materials company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.02). The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1 billion. Allegheny Technologies had a return on equity of 10.15% and a net margin of 4.67%. Allegheny Technologies’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.07) EPS. On average, sell-side analysts expect that Allegheny Technologies will post 1.61 earnings per share for the current fiscal year.
In related news, VP Karl D. Schwartz sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $26.79, for a total transaction of $26,790.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 3,000 shares of company stock valued at $79,790. 1.00% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in ATI. Victory Capital Management Inc. grew its stake in Allegheny Technologies by 60.4% in the 2nd quarter. Victory Capital Management Inc. now owns 5,769,058 shares of the basic materials company’s stock worth $144,919,000 after buying an additional 2,172,829 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in Allegheny Technologies by 19.7% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 9,562,933 shares of the basic materials company’s stock worth $282,585,000 after buying an additional 1,572,523 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Allegheny Technologies by 32.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,453,657 shares of the basic materials company’s stock worth $86,756,000 after buying an additional 838,934 shares in the last quarter. Fisher Asset Management LLC purchased a new position in Allegheny Technologies in the 2nd quarter worth approximately $20,125,000. Finally, Newport Trust Co purchased a new position in Allegheny Technologies in the 2nd quarter worth approximately $17,307,000.
Allegheny Technologies Company Profile
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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