Buckingham Research Reaffirms Buy Rating for Allegheny Technologies Inc. (ATI)
Buckingham Research restated their buy rating on shares of Allegheny Technologies Inc. (NYSE:ATI) in a research note released on Monday morning. The firm currently has a $21.00 price objective on the stock.
A number of other equities analysts have also recently weighed in on the company. Seaport Global Securities assumed coverage on Allegheny Technologies in a report on Friday, September 9th. They issued a buy rating and a $21.00 price target for the company. Deutsche Bank AG raised Allegheny Technologies from a hold rating to a buy rating and boosted their price target for the stock from $15.00 to $20.00 in a report on Monday, August 29th. Cowen and Company raised Allegheny Technologies from an underperform rating to a market perform rating in a report on Wednesday, July 27th. Berenberg Bank reissued a hold rating and issued a $13.90 price target on shares of Allegheny Technologies in a report on Wednesday, July 27th. Finally, Bank of America Corp. reissued a buy rating on shares of Allegheny Technologies in a report on Friday, June 17th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $20.10.
Allegheny Technologies (NYSE:ATI) opened at 17.17 on Monday. Allegheny Technologies has a 12-month low of $7.08 and a 12-month high of $18.67. The stock’s market capitalization is $1.87 billion. The stock’s 50 day moving average price is $17.21 and its 200-day moving average price is $15.59.
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, topping the Zacks’ consensus estimate of ($0.37) by $0.19. Allegheny Technologies had a negative return on equity of 7.87% and a negative net margin of 15.65%. The company earned $810.50 million during the quarter, compared to analysts’ expectations of $792.11 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. The business’s revenue for the quarter was down 20.7% compared to the same quarter last year. Analysts expect that Allegheny Technologies will post ($0.92) earnings per share for the current year.
Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its stake in Allegheny Technologies by 411.9% in the second quarter. Victory Capital Management Inc. now owns 2,671,792 shares of the company’s stock worth $34,066,000 after buying an additional 2,149,896 shares during the period. State Street Corp increased its stake in Allegheny Technologies by 36.1% in the second quarter. State Street Corp now owns 5,723,605 shares of the company’s stock worth $72,979,000 after buying an additional 1,518,622 shares during the period. Vanguard Group Inc. increased its stake in Allegheny Technologies by 6.3% in the second quarter. Vanguard Group Inc. now owns 8,002,658 shares of the company’s stock worth $102,034,000 after buying an additional 472,609 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Allegheny Technologies during the second quarter worth about $5,738,000. Finally, BlackRock Investment Management LLC increased its stake in Allegheny Technologies by 94.1% in the second quarter. BlackRock Investment Management LLC now owns 823,190 shares of the company’s stock worth $10,496,000 after buying an additional 399,064 shares during the period. 95.60% of the stock is owned by hedge funds and other institutional investors.
About Allegheny Technologies
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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