Allegheny Technologies Inc. (ATI) Trading 5.1% Higher
Allegheny Technologies Inc. (NYSE:ATI) traded up 5.1% during mid-day trading on Monday . The stock traded as high as $18.05 and last traded at $18.01, with a volume of 1,084,573 shares changing hands. The stock had previously closed at $17.13.
Several equities research analysts recently issued reports on the stock. Bank of America Corp. raised shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Monday, May 23rd. Berenberg Bank reissued a “hold” rating on shares of Allegheny Technologies in a report on Wednesday, May 18th. Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Friday, April 29th. Rosenblatt Securities reissued 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. Finally, Cowen and Company raised shares of Allegheny Technologies from an “underperform” rating to a “market perform” rating in a report on Wednesday, July 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $21.32.
The stock’s market cap is $1.93 billion. The stock has a 50-day moving average price of $15.65 and a 200 day moving average price of $14.49.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.19. The company earned $810.50 million during the quarter, compared to analysts’ expectations of $792.11 million. During the same period in the prior year, the business earned ($0.15) earnings per share. The company’s revenue for the quarter was down 20.7% compared to the same quarter last year. Analysts forecast that Allegheny Technologies Inc. will post ($0.85) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 8th. Investors of record on Thursday, August 18th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Tuesday, August 16th.
A number of large investors recently made changes to their positions in ATI. Rhumbline Advisers increased its stake in shares of 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 in the last quarter. Oarsman Capital Inc. increased its stake in shares of 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 in the last quarter. California Public Employees Retirement System increased its stake in shares of 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 in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of 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 in the last quarter.
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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