Shares of Allegheny Technologies Inc. (NYSE:ATI) shot up 3.1% during trading on Thursday . The company traded as high as $13.47 and last traded at $13.10, with a volume of 2,532,510 shares trading hands. The stock had previously closed at $12.71.

A number of research firms have commented on ATI. Zacks Investment Research downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, May 18th. Bank of America Corp. upgraded shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Monday, May 23rd. Berenberg Bank reiterated a “hold” rating on shares of Allegheny Technologies in a report on Wednesday, May 18th. Credit Suisse Group AG upgraded shares of Allegheny Technologies from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $34.00 to $41.00 in a report on Monday, March 28th. Finally, Cowen and Company downgraded shares of Allegheny Technologies from a “market perform” rating to an “underperform” rating and set a $7.00 price objective for the company. in a report on Monday, April 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $21.32.

The firm has a 50-day moving average price of $12.88 and a 200-day moving average price of $13.18. The company’s market capitalization is $1.49 billion.

Allegheny Technologies (NYSE:ATI) last released its quarterly earnings data on Tuesday, April 26th. The company reported ($0.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by $0.02. During the same quarter in the prior year, the company posted $0.09 earnings per share. The company had revenue of $758 million for the quarter, compared to analysts’ expectations of $796.44 million. The company’s quarterly revenue was down 32.7% compared to the same quarter last year. Equities analysts expect that Allegheny Technologies Inc. will post ($1.06) earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 9th. Investors of record on Friday, May 27th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Wednesday, May 25th.

Other hedge funds recently added to or reduced their stakes in the company. Russell Frank Co increased its stake in Allegheny Technologies by 126.8% in the fourth quarter. Russell Frank Co now owns 154,866 shares of the company’s stock worth $1,757,000 after buying an additional 86,593 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Allegheny Technologies by 1.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 150,095 shares of the company’s stock valued at $1,689,000 after buying an additional 1,640 shares during the period. Retirement Systems of Alabama increased its stake in shares of Allegheny Technologies by 1.3% in the fourth quarter. Retirement Systems of Alabama now owns 140,327 shares of the company’s stock valued at $1,579,000 after buying an additional 1,828 shares during the period. Neuberger Berman Group LLC acquired a new stake in shares of Allegheny Technologies during the fourth quarter valued at about $6,687,000. Finally, California State Teachers Retirement System increased its stake in shares of Allegheny Technologies by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 208,823 shares of the company’s stock valued at $2,349,000 after buying an additional 3,291 shares during the period.

Allegheny Technologies Incorporated (ATI) is a specialty materials and components producer. The Company operates through two business segments: High Performance Materials & Components and Flat Rolled Products. ATI’s products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented electrical steel.

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