Buckingham Research reaffirmed their buy rating on shares of Allegheny Technologies Inc. (NYSE:ATI) in a research report released on Monday. Buckingham Research currently has a $21.00 price target on the stock.
ATI has been the topic of several other reports. Seaport Global Securities initiated coverage on shares of Allegheny Technologies in a research report on Friday, September 9th. They set a buy rating and a $21.00 price target on the stock. Cowen and Company raised shares of Allegheny Technologies from an underperform rating to a market perform rating in a research report on Wednesday, July 27th. Deutsche Bank AG raised shares of Allegheny Technologies from a hold rating to a buy rating and upped their price target for the stock from $15.00 to $20.00 in a research report on Monday, August 29th. Berenberg Bank reaffirmed a hold rating and set a $13.90 price target on shares of Allegheny Technologies in a research report on Wednesday, July 27th. Finally, Bank of America Corp. reaffirmed a buy rating on shares of Allegheny Technologies in a research report on Friday, June 17th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $20.10.
Allegheny Technologies (NYSE:ATI) opened at 16.65 on Monday. Allegheny Technologies has a 12-month low of $7.08 and a 12-month high of $18.67. The company’s market capitalization is $1.81 billion. The stock’s 50 day moving average is $17.22 and its 200-day moving average is $15.60.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.18) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.19. The business had revenue of $810.50 million for the quarter, compared to analyst estimates of $792.11 million. Allegheny Technologies had a negative net margin of 15.65% and a negative return on equity of 7.87%. The firm’s revenue for the quarter was down 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. On average, equities analysts predict that Allegheny Technologies will post ($0.92) earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Allegheny Technologies by 6.4% in the first quarter. State Street Corp now owns 4,204,983 shares of the company’s stock valued at $68,544,000 after buying an additional 251,579 shares during the period. UBS Group AG increased its position in Allegheny Technologies by 7.3% in the first quarter. UBS Group AG now owns 202,647 shares of the company’s stock valued at $3,304,000 after buying an additional 13,747 shares during the period. Canada Pension Plan Investment Board increased its position in Allegheny Technologies by 73.7% in the first quarter. Canada Pension Plan Investment Board now owns 45,500 shares of the company’s stock valued at $742,000 after buying an additional 19,300 shares during the period. Bessemer Group Inc. increased its position in Allegheny Technologies by 4.1% in the first quarter. Bessemer Group Inc. now owns 11,225 shares of the company’s stock valued at $183,000 after buying an additional 445 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new position in Allegheny Technologies during the second quarter valued at approximately $2,668,000. Institutional investors and hedge funds own 95.60% of the company’s stock.
About Allegheny Technologies
Allegheny Technologies Incorporated (ATI) is a specialty materials and components producer. The Company operates through two business segments: High Performance Materials & Components and Flat Rolled Products. ATI’s products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented electrical steel.
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