Zacks Investment Research Lowers Allegheny Technologies Incorporated (NYSE:ATI) to Sell
Allegheny Technologies Incorporated (NYSE:ATI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Annual estimates for Allegheny have been going down lately. Allegheny has underperformed the Steel-Specialty Alloys industry over the past three months. The company remains exposed to certain challenges in its core Flat Rolled Products segment including weakness across some major end-use markets. Depressed oil prices are also expected to hurt demand for Allegheny's products in the oil and gas market in the short haul.”
ATI has been the subject of several other reports. Deutsche Bank AG reduced their price objective on Allegheny Technologies from $21.50 to $20.00 and set a “hold” rating for the company in a research note on Tuesday, March 21st. BidaskClub downgraded Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Cowen and Company raised their target price on Allegheny Technologies from $15.00 to $18.00 and gave the stock a “market perform” rating in a research note on Monday, April 17th. Longbow Research began coverage on Allegheny Technologies in a research note on Tuesday, March 21st. They issued a “buy” rating and a $24.00 target price for the company. Finally, Berenberg Bank raised Allegheny Technologies from a “sell” rating to a “hold” rating and raised their target price for the stock from $16.10 to $17.20 in a research note on Monday, April 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Allegheny Technologies has a consensus rating of “Hold” and an average target price of $19.74.
Shares of Allegheny Technologies (NYSE:ATI) traded up 3.25% during midday trading on Monday, reaching $18.11. 841,496 shares of the company traded hands. The stock has a 50 day moving average price of $16.21 and a 200 day moving average price of $17.69. The firm’s market capitalization is $1.97 billion. Allegheny Technologies has a 1-year low of $13.15 and a 1-year high of $23.69.
Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings data on Tuesday, April 25th. The basic materials company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.05. Allegheny Technologies had a negative return on equity of 1.84% and a negative net margin of 16.10%. The firm had revenue of $865.90 million during the quarter, compared to the consensus estimate of $843.39 million. During the same period in the prior year, the company earned ($0.94) EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. Analysts expect that Allegheny Technologies will post ($1.00) earnings per share for the current fiscal year.
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Several hedge funds have recently modified their holdings of the company. Neuburgh Advisers LLC increased its stake in shares of Allegheny Technologies by 1.1% in the first quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock worth $117,000 after buying an additional 68 shares during the period. State Treasurer State of Michigan boosted its position in Allegheny Technologies by 0.7% in the first quarter. State Treasurer State of Michigan now owns 44,200 shares of the basic materials company’s stock worth $794,000 after buying an additional 300 shares in the last quarter. Advantus Capital Management Inc boosted its position in Allegheny Technologies by 2.9% in the first quarter. Advantus Capital Management Inc now owns 13,926 shares of the basic materials company’s stock worth $250,000 after buying an additional 388 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Allegheny Technologies by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 38,146 shares of the basic materials company’s stock worth $685,000 after buying an additional 500 shares in the last quarter. Finally, Mason Street Advisors LLC boosted its position in Allegheny Technologies by 1.1% in the first quarter. Mason Street Advisors LLC now owns 51,383 shares of the basic materials company’s stock worth $923,000 after buying an additional 544 shares in the last quarter. 96.61% of the stock is owned by institutional investors and hedge funds.
About Allegheny Technologies
Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.
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