Allegheny Technologies Inc. (ATI) Shares Down 6.6%
Shares of Allegheny Technologies Inc. (NYSE:ATI) dropped 6.6% during mid-day trading on Tuesday . The company traded as low as $12.52 and last traded at $12.59, with a volume of 1,034,895 shares trading hands. The stock had previously closed at $13.48.
ATI has been the topic of a number of recent analyst reports. Cowen and Company downgraded shares of Allegheny Technologies from a “market perform” rating to an “underperform” rating and set a $7.00 price target on the stock. in a report on Monday, April 4th. Bank of America Corp. reaffirmed a “buy” rating on shares of Allegheny Technologies in a report on Friday, June 17th. Credit Suisse Group AG raised shares of Allegheny Technologies from a “neutral” rating to an “outperform” rating and raised their price target for the company from $34.00 to $41.00 in a report on Monday, March 28th. Zacks Investment Research downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, March 29th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $13.00 price target (up previously from $10.00) on shares of Allegheny Technologies in a report on Wednesday, March 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $21.32.
The stock’s market cap is $1.42 billion. The company has a 50 day moving average price of $12.76 and a 200-day moving average price of $13.15.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, April 26th. The company reported ($0.58) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.56) by $0.02. During the same period in the previous year, the company earned $0.09 EPS. The business had revenue of $758 million for the quarter, compared to analyst estimates of $796.44 million. The business’s quarterly revenue was down 32.7% compared to the same quarter last year. On average, equities analysts forecast that Allegheny Technologies Inc. will post ($1.07) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 9th. Shareholders of record on Friday, May 27th were issued a $0.08 dividend. The ex-dividend date was Wednesday, May 25th. This represents a $0.32 dividend on an annualized basis and a yield of 2.52%.
Other large investors have modified their holdings of the company. Quantitative Investment Management LLC raised its stake in shares of Allegheny Technologies by 400.0% in the fourth quarter. Quantitative Investment Management LLC now owns 108,500 shares of the company’s stock worth $1,220,000 after buying an additional 86,800 shares during the last quarter. Retirement Systems of Alabama raised 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 worth $1,579,000 after buying an additional 1,828 shares during the last quarter. State Board of Administration of Florida Retirement System raised 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 worth $1,689,000 after buying an additional 1,640 shares during the last quarter. Russell Frank Co raised its stake in shares of 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 last quarter. Finally, Private Harbour Investment Management & Counsel LLC raised its stake in shares of Allegheny Technologies by 251.6% in the fourth quarter. Private Harbour Investment Management & Counsel LLC now owns 160,120 shares of the company’s stock worth $1,801,000 after buying an additional 114,580 shares during 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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