Allegheny Technologies (ATI) Sees Unusually-High Trading Volume

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Allegheny Technologies Incorporated (NYSE:ATI) saw unusually-strong trading volume on Friday . Approximately 5,293,380 shares changed hands during mid-day trading, an increase of 215% from the previous session’s volume of 1,682,788 shares.The stock last traded at $23.65 and had previously closed at $23.34.

A number of research firms have recently issued reports on ATI. Macquarie began coverage on shares of Allegheny Technologies in a report on Thursday, February 14th. They set an “outperform” rating and a $27.84 price objective for the company. ValuEngine downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Buckingham Research set a $45.00 price objective on shares of Allegheny Technologies and gave the stock a “buy” rating in a report on Monday, April 8th. Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, April 9th. Finally, KeyCorp lifted their price objective on shares of Allegheny Technologies from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.91.

The company has a market cap of $2.90 billion, a P/E ratio of 15.66, a PEG ratio of 1.01 and a beta of 2.34. The company has a current ratio of 2.87, a quick ratio of 1.22 and a debt-to-equity ratio of 0.75.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $0.12 EPS for the quarter, meeting the consensus estimate of $0.12. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $991.18 million. Allegheny Technologies had a net margin of 4.41% and a return on equity of 8.79%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. As a group, equities analysts predict that Allegheny Technologies Incorporated will post 1.53 EPS for the current fiscal year.

In other news, insider Richard J. Harshman sold 20,208 shares of the company’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $29.12, for a total transaction of $588,456.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 38,128 shares of company stock valued at $1,109,467. Insiders own 1.06% of the company’s stock.

Several large investors have recently modified their holdings of the company. Frontier Capital Management Co. LLC raised its stake in shares of Allegheny Technologies by 0.5% during the first quarter. Frontier Capital Management Co. LLC now owns 8,998,522 shares of the basic materials company’s stock valued at $230,092,000 after acquiring an additional 43,764 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Allegheny Technologies by 26.8% during the first quarter. Dimensional Fund Advisors LP now owns 5,608,766 shares of the basic materials company’s stock valued at $143,415,000 after buying an additional 1,184,037 shares during the period. Northern Trust Corp increased its position in shares of Allegheny Technologies by 0.9% during the first quarter. Northern Trust Corp now owns 2,255,969 shares of the basic materials company’s stock valued at $57,685,000 after buying an additional 20,085 shares during the period. OppenheimerFunds Inc. increased its position in shares of Allegheny Technologies by 7.6% during the first quarter. OppenheimerFunds Inc. now owns 2,195,173 shares of the basic materials company’s stock valued at $56,130,000 after buying an additional 155,034 shares during the period. Finally, Iridian Asset Management LLC CT increased its position in shares of Allegheny Technologies by 4,002.2% during the first quarter. Iridian Asset Management LLC CT now owns 1,706,231 shares of the basic materials company’s stock valued at $43,628,000 after buying an additional 1,664,638 shares during the period.

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About Allegheny Technologies (NYSE:ATI)

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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