Allegheny Technologies Inc. (ATI) Shares Up 5%
Allegheny Technologies Inc. (NYSE:ATI)’s share price shot up 5% during trading on Wednesday . The stock traded as high as $17.46 and last traded at $17.43, with a volume of 2,911,459 shares changing hands. The stock had previously closed at $16.60.
Several research firms have recently commented on ATI. Seaport Global Securities began coverage on shares of Allegheny Technologies in a report on Friday, September 9th. They set a “buy” rating and a $21.00 price target on the stock. Cowen and Company upgraded shares of Allegheny Technologies from an “underperform” rating to a “market perform” rating in a report on Wednesday, July 27th. Deutsche Bank AG upgraded shares of Allegheny Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $15.00 to $20.00 in a report on Monday, August 29th. Berenberg Bank restated a “hold” rating and set a $13.90 price target on shares of Allegheny Technologies in a report on Wednesday, July 27th. Finally, Bank of America Corp. restated a “buy” rating on shares of Allegheny Technologies in a report on Friday, June 17th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $21.99.
The stock has a 50 day moving average price of $17.14 and a 200 day moving average price of $15.46. The firm’s market capitalization is $1.90 billion.
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Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.19. The company 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 business’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period last year, the business posted ($0.15) earnings per share. On average, equities analysts anticipate that Allegheny Technologies Inc. will post ($0.88) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Thursday, August 18th were issued a $0.08 dividend. The ex-dividend date was Tuesday, August 16th. This represents a $0.32 annualized dividend and a yield of 1.84%. Allegheny Technologies’s dividend payout ratio (DPR) is presently -6.97%.
A number of large investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its stake in Allegheny Technologies by 411.9% in the second quarter. Victory Capital Management Inc. now owns 2,671,792 shares of the company’s stock valued at $34,066,000 after buying an additional 2,149,896 shares during the period. State Street Corp raised its stake in Allegheny Technologies by 36.1% in the second quarter. State Street Corp now owns 5,723,605 shares of the company’s stock valued at $72,979,000 after buying an additional 1,518,622 shares during the period. Norges Bank purchased a new stake in Allegheny Technologies during the fourth quarter valued at $8,447,000. Franklin Resources Inc. raised its stake in Allegheny Technologies by 8.5% in the first quarter. Franklin Resources Inc. now owns 7,711,751 shares of the company’s stock valued at $125,704,000 after buying an additional 603,307 shares during the period. Finally, Vanguard Group Inc. raised its stake in Allegheny Technologies by 6.3% in the second quarter. Vanguard Group Inc. now owns 8,002,658 shares of the company’s stock valued at $102,034,000 after buying an additional 472,609 shares during the period. Institutional investors 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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