Allegheny Technologies Incorporated (NYSE:ATI) was upgraded by equities research analysts at Bank of America Corporation from an “underperform” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $24.00 target price on the basic materials company’s stock, up from their prior target price of $16.00. Bank of America Corporation’s price objective suggests a potential upside of 17.02% from the stock’s previous close.
Several other brokerages have also commented on ATI. Longbow Research reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. J P Morgan Chase & Co raised shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $14.50 to $19.00 in a research report on Wednesday, July 26th. BidaskClub lowered shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Allegheny Technologies has a consensus rating of “Hold” and an average price target of $20.65.
Allegheny Technologies (ATI) opened at 20.51 on Monday. Allegheny Technologies has a 52 week low of $13.15 and a 52 week high of $23.69. The company has a 50-day moving average of $19.27 and a 200-day moving average of $17.79. The firm’s market cap is $2.23 billion.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings data on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. The business had revenue of $880.20 million for the quarter, compared to analyst estimates of $874.95 million. Allegheny Technologies had a negative net margin of 14.89% and a positive return on equity of 0.08%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. Equities research analysts forecast that Allegheny Technologies will post ($1.00) earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in shares of Allegheny Technologies by 63.6% in the first quarter. Nisa Investment Advisors LLC now owns 6,380 shares of the basic materials company’s stock worth $115,000 after purchasing an additional 2,480 shares in the last quarter. Neuburgh Advisers LLC increased its stake in shares of Allegheny Technologies by 1.1% in the first quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock worth $117,000 after purchasing an additional 68 shares in the last quarter. Financial Architects Inc increased its stake in shares of Allegheny Technologies by 180.0% in the second quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock worth $119,000 after purchasing an additional 4,500 shares in the last quarter. Creative Planning increased its stake in shares of Allegheny Technologies by 2,619.9% in the second quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock worth $128,000 after purchasing an additional 7,257 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its stake in shares of Allegheny Technologies by 72.9% in the second quarter. Riverhead Capital Management LLC now owns 8,297 shares of the basic materials company’s stock worth $141,000 after purchasing an additional 3,497 shares in the last quarter. Hedge funds and other institutional investors own 96.61% of the company’s stock.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.
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