$850.87 Million in Sales Expected for Allegheny Technologies Incorporated (ATI) This Quarter
Wall Street analysts expect that Allegheny Technologies Incorporated (NYSE:ATI) will post sales of $850.87 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Allegheny Technologies’ earnings, with estimates ranging from $816.20 million to $888.00 million. Allegheny Technologies reported sales of $770.50 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.4%. The business is expected to issue its next earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that Allegheny Technologies will report full year sales of $850.87 million for the current financial year, with estimates ranging from $3.40 billion to $3.54 billion. For the next financial year, analysts expect that the company will report sales of $3.67 billion per share, with estimates ranging from $3.54 billion to $3.75 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Allegheny Technologies.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.02. The firm had revenue of $880.20 million during the quarter, compared to analysts’ expectations of $874.95 million. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.21) EPS.
Several equities research analysts recently commented on ATI shares. Berenberg Bank raised Allegheny Technologies from a “sell” rating to a “hold” rating and increased their price target for the company from $16.10 to $17.20 in a report on Monday, April 24th. Cowen and Company reaffirmed a “hold” rating and issued a $18.00 price target on shares of Allegheny Technologies in a report on Tuesday, April 25th. J P Morgan Chase & Co raised Allegheny Technologies from an “underweight” rating to a “neutral” rating and increased their price target for the company from $14.50 to $19.00 in a report on Wednesday. BidaskClub raised Allegheny Technologies from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, Zacks Investment Research cut Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Allegheny Technologies currently has an average rating of “Hold” and a consensus target price of $19.65.
A number of large investors have recently bought and sold shares of ATI. NorthRock Partners LLC acquired a new stake in Allegheny Technologies during the first quarter valued at about $746,000. Sei Investments Co. boosted its stake in Allegheny Technologies by 82.9% in the first quarter. Sei Investments Co. now owns 374,519 shares of the basic materials company’s stock valued at $6,726,000 after buying an additional 169,767 shares during the period. Victory Capital Management Inc. boosted its stake in Allegheny Technologies by 11.7% in the first quarter. Victory Capital Management Inc. now owns 2,407,572 shares of the basic materials company’s stock valued at $43,240,000 after buying an additional 251,914 shares during the period. Nisa Investment Advisors LLC boosted its stake in Allegheny Technologies by 63.6% in the first quarter. Nisa Investment Advisors LLC now owns 6,380 shares of the basic materials company’s stock valued at $115,000 after buying an additional 2,480 shares during the period. Finally, Mason Street Advisors LLC boosted its stake 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 valued at $923,000 after buying an additional 544 shares during the period. 96.61% of the stock is owned by institutional investors.
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Shares of Allegheny Technologies (NYSE ATI) traded up 3.47% during trading on Thursday, hitting $19.39. The stock had a trading volume of 895,704 shares. Allegheny Technologies has a 52-week low of $13.15 and a 52-week high of $23.69. The firm’s 50-day moving average is $17.17 and its 200 day moving average is $17.82. The firm’s market cap is $2.11 billion.
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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