Allegheny Technologies Incorporated (ATI) Lifted to Hold at Zacks Investment Research
Allegheny Technologies Incorporated (NYSE:ATI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Allegheny swung to a profit in second-quarter 2017, supported by higher sales across the board. Both earnings and sales beat the respective Zacks Consensus Estimate. Allegheny should benefit from its diversified global growth markets as well as cost reduction and restructuring measures. The company is seeing healthy demand from aerospace OEMs which should spur growth. However, Allegheny has underperformed the industry it belongs to over the past six months. Allegheny 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.”
A number of other research analysts have also recently commented on ATI. Cowen and Company upped their price objective on Allegheny Technologies from $15.00 to $18.00 and gave the company a “market perform” rating in a report on Monday, April 17th. Berenberg Bank upgraded Allegheny Technologies from a “sell” rating to a “hold” rating and upped their price target for the stock from $16.10 to $17.20 in a research note on Monday, April 24th. BidaskClub upgraded Allegheny Technologies from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, J P Morgan Chase & Co upgraded Allegheny Technologies from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $14.50 to $19.00 in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $19.65.
Shares of Allegheny Technologies (NYSE:ATI) traded up 2.21% during midday trading on Monday, hitting $18.96. The company had a trading volume of 1,175,309 shares. Allegheny Technologies has a 12 month low of $13.15 and a 12 month high of $23.69. The company has a 50-day moving average of $17.40 and a 200-day moving average of $17.91. The company’s market capitalization is $2.06 billion.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings data on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The firm had revenue of $880.20 million for the quarter, compared to analysts’ expectations of $874.95 million. During the same period in the prior year, the firm posted ($0.21) earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts predict that Allegheny Technologies will post ($1.00) earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its stake in shares of 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 last quarter. Neuburgh Advisers LLC raised its position in Allegheny Technologies by 1.1% in the first quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock valued at $117,000 after buying an additional 68 shares during the period. Financial Architects Inc raised its position in Allegheny Technologies by 180.0% in the second quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock valued at $119,000 after buying an additional 4,500 shares during the period. Creative Planning raised its position in Allegheny Technologies by 2,619.9% in the second quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock valued at $128,000 after buying an additional 7,257 shares during the period. Finally, LS Investment Advisors LLC raised its position in Allegheny Technologies by 24.1% in the second quarter. LS Investment Advisors LLC now owns 8,982 shares of the basic materials company’s stock valued at $153,000 after buying an additional 1,745 shares during the period. Institutional investors and hedge funds own 96.61% of the company’s stock.
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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