Allegheny Technologies (ATI) Stock Rating Reaffirmed by Cowen
Allegheny Technologies (NYSE:ATI)‘s stock had its “hold” rating reiterated by Cowen in a report issued on Tuesday. They presently have a $23.00 target price on the basic materials company’s stock. Cowen’s target price would suggest a potential downside of 1.79% from the company’s previous close.
ATI has been the topic of several other research reports. Berenberg Bank set a $17.00 price target on shares of Allegheny Technologies and gave the company a “hold” rating in a research report on Thursday, October 19th. KeyCorp reaffirmed a “hold” rating on shares of Allegheny Technologies in a research report on Wednesday, October 11th. Longbow Research reaffirmed a “buy” rating and issued a $24.00 price target on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. Finally, Bank of America raised shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and raised their price target for the company from $16.00 to $24.00 in a research report on Monday, September 11th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $21.29.
Shares of Allegheny Technologies (ATI) traded up $0.82 during midday trading on Tuesday, reaching $23.42. 1,668,800 shares of the company traded hands, compared to its average volume of 2,367,376. Allegheny Technologies has a twelve month low of $14.54 and a twelve month high of $26.59. The company has a market cap of $2,460.31, a PE ratio of 161.43 and a beta of 2.38. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.04 and a current ratio of 2.68.
Several institutional investors have recently bought and sold shares of ATI. Iridian Asset Management LLC CT lifted its position in shares of Allegheny Technologies by 30.7% during the 2nd quarter. Iridian Asset Management LLC CT now owns 8,725,099 shares of the basic materials company’s stock worth $148,414,000 after buying an additional 2,047,830 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of Allegheny Technologies by 17.5% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 5,405,055 shares of the basic materials company’s stock worth $91,940,000 after buying an additional 805,856 shares in the last quarter. Mesirow Financial Investment Management Equity Management bought a new position in shares of Allegheny Technologies during the 3rd quarter worth approximately $15,660,000. Ameriprise Financial Inc. lifted its position in shares of Allegheny Technologies by 90.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,308,042 shares of the basic materials company’s stock worth $31,264,000 after buying an additional 622,591 shares in the last quarter. Finally, Anchor Bolt Capital LP bought a new position in shares of Allegheny Technologies during the 3rd quarter worth approximately $14,174,000.
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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