Allegheny Technologies Incorporated (ATI) Announces Earnings Results, Meets Estimates
Allegheny Technologies Incorporated (NYSE:ATI) announced its quarterly earnings results on Tuesday. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07), Bloomberg Earnings reports. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The company had revenue of $869.10 million for the quarter, compared to the consensus estimate of $866.94 million. During the same quarter in the previous year, the business earned ($0.21) EPS. Allegheny Technologies’s revenue was up 12.8% compared to the same quarter last year.
Shares of Allegheny Technologies (NYSE:ATI) opened at 24.72 on Wednesday. Allegheny Technologies has a 1-year low of $13.15 and a 1-year high of $25.51. The stock’s market cap is $2.69 billion. The company has a 50 day moving average price of $23.46 and a 200 day moving average price of $19.09.
ATI has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Bank of America Corporation upgraded Allegheny Technologies from an “underperform” rating to a “buy” rating and boosted their price target for the company from $16.00 to $24.00 in a report on Monday, September 11th. BidaskClub upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. J P Morgan Chase & Co upgraded Allegheny Technologies from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $14.50 to $19.00 in a report on Wednesday, July 26th. Finally, Longbow Research reiterated a “buy” rating and set a $24.00 target price on shares of Allegheny Technologies in a report on Wednesday, August 23rd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $20.57.
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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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