Allegheny Technologies Inc. (ATI) Shares Down 3%
Allegheny Technologies Inc. (NYSE:ATI) shares dropped 3% during mid-day trading on Friday . The company traded as low as $17.03 and last traded at $17.05, with a volume of 1,073,527 shares trading hands. The stock had previously closed at $17.58.
A number of research firms have recently weighed in on ATI. Bank of America Corp. reiterated a “buy” rating on shares of Allegheny Technologies in a report on Friday, June 17th. Cowen and Company upgraded shares of Allegheny Technologies from an “underperform” rating to a “market perform” rating in a report on Wednesday, July 27th. Zacks Investment Research upgraded shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, May 24th. Berenberg Bank reiterated a “hold” rating and set a $13.90 target price on shares of Allegheny Technologies in a report on Wednesday, July 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $26.00 target price (up from $18.00) on shares of Allegheny Technologies in a report on Tuesday, April 19th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $21.32.
The company’s market capitalization is $1.87 billion. The company has a 50 day moving average of $15.23 and a 200 day moving average of $14.20.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.19. The business earned $810.50 million during the quarter, compared to the consensus estimate of $792.11 million. During the same quarter last year, the firm earned ($0.15) earnings per share. The business’s quarterly revenue was down 20.7% on a year-over-year basis. Equities research analysts anticipate that Allegheny Technologies Inc. will post ($0.85) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 8th. Stockholders of record on Thursday, August 18th will be issued a $0.08 dividend. The ex-dividend date is Tuesday, August 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.87%.
Several hedge funds have bought and sold shares of 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 during the period. Rhumbline Advisers increased its stake in Allegheny Technologies by 0.4% in the fourth quarter. Rhumbline Advisers now owns 160,154 shares of the company’s stock worth $1,802,000 after buying an additional 684 shares during the period. Oarsman Capital Inc. increased its stake in Allegheny Technologies by 47.5% in the fourth quarter. Oarsman Capital Inc. now owns 233,003 shares of the company’s stock worth $2,621,000 after buying an additional 75,073 shares during the period. California Public Employees Retirement System increased its stake in Allegheny Technologies by 10.8% in the fourth quarter. California Public Employees Retirement System now owns 338,474 shares of the company’s stock worth $3,808,000 after buying an additional 33,000 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in Allegheny Technologies by 140.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 600,000 shares of the company’s stock worth $6,750,000 after buying an additional 350,000 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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