Allegheny Technologies Inc. (ATI) Shares Up 8.6%
Allegheny Technologies Inc. (NYSE:ATI) shares shot up 8.6% on Monday . The stock traded as high as $18.30 and last traded at $18.09, with a volume of 2,636,747 shares trading hands. The stock had previously closed at $16.65.
ATI has been the subject of a number of research analyst reports. Deutsche Bank AG raised shares of Allegheny Technologies from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.00 to $20.00 in a research note on Monday. Cowen and Company raised shares of Allegheny Technologies from an “underperform” rating to a “market perform” rating in a research note on Wednesday, July 27th. Berenberg Bank reaffirmed a “hold” rating and set a $13.90 price objective on shares of Allegheny Technologies in a research note on Wednesday, July 27th. Bank of America Corp. reaffirmed a “buy” rating on shares of Allegheny Technologies in a research note on Friday, June 17th. Finally, Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, May 24th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $22.10.
The stock’s market capitalization is $2.02 billion. The stock has a 50 day moving average price of $16.59 and a 200 day moving average price of $14.86.
Allegheny Technologies (NYSE:ATI) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $0.19. The company earned $810.50 million during the quarter, compared to analyst estimates of $792.11 million. During the same quarter last year, the business earned ($0.15) EPS. The company’s revenue for the quarter was down 20.7% compared to the same quarter last year. On average, equities analysts expect that Allegheny Technologies Inc. will post ($0.87) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Investors of record on Thursday, August 18th will be given 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 1.73%.
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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