Allegheny Technologies’ (ATI) Buy Rating Reaffirmed at Cowen
ATI has been the subject of several other reports. Barclays initiated coverage on Allegheny Technologies in a research note on Thursday, March 29th. They issued an overweight rating and a $33.00 price objective for the company. JPMorgan Chase increased their price target on Allegheny Technologies from $18.00 to $25.00 and gave the stock a neutral rating in a research note on Wednesday, January 24th. Bank of America reissued a neutral rating and set a $32.00 price objective on shares of Allegheny Technologies in a report on Wednesday, January 24th. They noted that the move was a valuation call. KeyCorp raised shares of Allegheny Technologies from a sector weight rating to an overweight rating and set a $31.00 price objective for the company in a report on Thursday, March 1st. They noted that the move was a valuation call. Finally, Buckingham Research increased their price target on shares of Allegheny Technologies from $30.00 to $40.00 and gave the company a buy rating in a report on Friday, January 26th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $29.22.
ATI stock opened at $25.88 on Friday. Allegheny Technologies has a fifty-two week low of $14.54 and a fifty-two week high of $30.25. The company has a current ratio of 2.69, a quick ratio of 1.04 and a debt-to-equity ratio of 0.83. The company has a market cap of $3,235.77, a price-to-earnings ratio of 53.92 and a beta of 2.39.
Hedge funds have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC increased its stake in shares of Allegheny Technologies by 35.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 7,848,107 shares of the basic materials company’s stock worth $189,453,000 after purchasing an additional 2,065,137 shares in the last quarter. Kennedy Capital Management Inc. boosted its holdings in Allegheny Technologies by 9.5% in the 4th quarter. Kennedy Capital Management Inc. now owns 589,927 shares of the basic materials company’s stock valued at $14,241,000 after purchasing an additional 50,959 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Allegheny Technologies by 5.4% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 615,119 shares of the basic materials company’s stock valued at $14,702,000 after purchasing an additional 31,373 shares during the last quarter. Creative Planning acquired a new position in Allegheny Technologies in the 4th quarter valued at about $218,000. Finally, American International Group Inc. boosted its holdings in Allegheny Technologies by 15.8% in the 4th quarter. American International Group Inc. now owns 342,473 shares of the basic materials company’s stock valued at $8,267,000 after purchasing an additional 46,830 shares during the last quarter.
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About Allegheny Technologies
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components, and Flat-Rolled Products. The High Performance Materials & Components segment produces, converts, and distributes a range of high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in long product forms of ingots, billets, bars, rods, wires, and shapes and rectangles, as well as seamless tubes, plus precision forgings, castings, components, and machined parts.
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