Buckingham Research Reaffirms “Buy” Rating for Allegheny Technologies Inc. (ATI)
Allegheny Technologies Inc. (NYSE:ATI)‘s stock had its “buy” rating reissued by equities researchers at Buckingham Research in a research report issued on Monday. They presently have a $21.00 price objective on the stock. Buckingham Research’s target price would indicate a potential upside of 19.25% from the stock’s current price.
ATI has been the topic of several other research reports. 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 objective 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 upped their price objective 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 objective 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 research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Allegheny Technologies presently has an average rating of “Buy” and an average target price of $20.10.
Shares of Allegheny Technologies (NYSE:ATI) opened at 17.61 on Monday. The stock’s market capitalization is $1.92 billion. The stock has a 50 day moving average of $17.23 and a 200 day moving average of $15.57. Allegheny Technologies has a 52-week low of $7.08 and a 52-week high of $18.74.
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Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings data on Tuesday, July 26th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.19. Allegheny Technologies had a negative net margin of 15.65% and a negative return on equity of 7.87%. The firm had revenue of $810.50 million for the quarter, compared to the consensus estimate of $792.11 million. During the same quarter in the prior year, the company posted ($0.15) earnings per share. The company’s revenue for the quarter was down 20.7% compared to the same quarter last year. Analysts forecast that Allegheny Technologies will post ($0.92) earnings per share for the current year.
Several large investors have recently modified their holdings of ATI. Advisor Partners LLC purchased a new stake in shares of Allegheny Technologies during the second quarter worth approximately $130,000. Private Advisor Group LLC purchased a new stake in shares of Allegheny Technologies during the second quarter worth approximately $142,000. Chelsea Counsel Company purchased a new stake in shares of Allegheny Technologies during the third quarter worth approximately $158,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Allegheny Technologies by 7.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,067 shares of the company’s stock worth $164,000 after buying an additional 715 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Allegheny Technologies by 22.5% in the second quarter. Bessemer Group Inc. now owns 13,755 shares of the company’s stock worth $175,000 after buying an additional 2,530 shares during the last quarter. 95.60% of the stock is currently owned by institutional investors and hedge funds.
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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