Allegheny Technologies’ (ATI) Buy Rating Reaffirmed at Cowen

Allegheny Technologies (NYSE:ATI)‘s stock had its “buy” rating reissued by Cowen in a report issued on Tuesday. They presently have a $32.00 price objective on the basic materials company’s stock. Cowen’s price target suggests a potential upside of 13.52% from the stock’s current price.

Several other research analysts have also weighed in on the company. Zacks Investment Research lowered Allegheny Technologies from a “hold” rating to a “sell” rating in a research report on Monday, January 15th. KeyCorp reissued a “hold” rating on shares of Allegheny Technologies in a research report on Thursday, November 16th. Finally, Berenberg Bank set a $17.00 target price on Allegheny Technologies and gave the company a “hold” rating in a research note on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Allegheny Technologies currently has a consensus rating of “Hold” and an average price target of $22.57.

Allegheny Technologies (NYSE ATI) opened at $28.19 on Tuesday. The firm has a market capitalization of $3,066.67, a price-to-earnings ratio of -36.14 and a beta of 2.39. Allegheny Technologies has a 52-week low of $14.54 and a 52-week high of $29.39. The company has a current ratio of 2.68, a quick ratio of 1.04 and a debt-to-equity ratio of 1.30.

Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.12. The firm had revenue of $909.90 million for the quarter, compared to analyst estimates of $898.22 million. Allegheny Technologies had a positive return on equity of 1.09% and a negative net margin of 2.45%. Allegheny Technologies’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) earnings per share. equities analysts predict that Allegheny Technologies will post 0.33 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Iridian Asset Management LLC CT boosted its stake in shares of Allegheny Technologies by 333.7% during the 1st quarter. Iridian Asset Management LLC CT now owns 6,677,269 shares of the basic materials company’s stock worth $119,924,000 after acquiring an additional 5,137,810 shares in the last quarter. Pennant Capital Management LLC bought a new stake in shares of Allegheny Technologies during the 1st quarter worth about $55,750,000. Victory Capital Management Inc. boosted its stake in shares of Allegheny Technologies by 411.9% during the 2nd quarter. Victory Capital Management Inc. now owns 2,671,792 shares of the basic materials company’s stock worth $34,066,000 after acquiring an additional 2,149,896 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Allegheny Technologies by 35.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 7,848,107 shares of the basic materials company’s stock worth $189,453,000 after acquiring an additional 2,065,137 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Allegheny Technologies by 83.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,809,379 shares of the basic materials company’s stock worth $44,753,000 after acquiring an additional 1,277,601 shares in the last quarter.

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Allegheny Technologies Company Profile

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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