Allegheny Technologies Incorporated (NYSE:ATI)‘s stock had its “hold” rating reaffirmed by Cowen and Company in a research note issued to investors on Thursday. They currently have a $18.00 price target on the basic materials company’s stock. Cowen and Company’s target price would indicate a potential downside of 25.12% from the stock’s previous close.

The analysts wrote, “ATI pre-announced Q3 EPS below Street, driven by unfavorable price-cost dynamics.””

Several other equities analysts have also recently issued reports on the stock. Bank of America Corporation raised shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $16.00 to $24.00 in a research note on Monday, September 11th. Longbow Research reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Allegheny Technologies in a research note on Wednesday, August 23rd. Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. BidaskClub raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, J P Morgan Chase & Co raised shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $14.50 to $19.00 in a research note on Wednesday, July 26th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.60.

Allegheny Technologies (ATI) traded up 3.24% during mid-day trading on Thursday, hitting $24.82. 1,441,461 shares of the stock traded hands. The firm’s market cap is $2.70 billion. The stock has a 50 day moving average price of $22.56 and a 200 day moving average price of $18.64. Allegheny Technologies has a 12-month low of $13.15 and a 12-month high of $25.51.

Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings data on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.02. The company had revenue of $880.20 million for the quarter, compared to analysts’ expectations of $874.95 million. Allegheny Technologies had a negative net margin of 14.89% and a positive return on equity of 0.08%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.21) EPS. On average, analysts expect that Allegheny Technologies will post ($1.00) earnings per share for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in ATI. Financial Architects Inc increased its position in shares of Allegheny Technologies by 180.0% in the second quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock worth $119,000 after acquiring an additional 4,500 shares in the last quarter. Creative Planning increased its position in shares of Allegheny Technologies by 2,619.9% in the second quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock worth $128,000 after acquiring an additional 7,257 shares in the last quarter. Riverhead Capital Management LLC increased its position in shares of Allegheny Technologies by 72.9% in the second quarter. Riverhead Capital Management LLC now owns 8,297 shares of the basic materials company’s stock worth $141,000 after acquiring an additional 3,497 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of 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 worth $153,000 after acquiring an additional 1,745 shares in the last quarter. Finally, Flinton Capital Management LLC increased its position in shares of Allegheny Technologies by 70.8% in the second quarter. Flinton Capital Management LLC now owns 9,184 shares of the basic materials company’s stock worth $156,000 after acquiring an additional 3,808 shares in the last quarter.

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.

Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

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