Allegheny Technologies (ATI) Earns Buy Rating from Cowen

Allegheny Technologies (NYSE:ATI)‘s stock had its “buy” rating restated by equities researchers at Cowen in a research report issued to clients and investors on Thursday. They currently have a $35.00 price target on the basic materials company’s stock. Cowen’s price objective would indicate a potential upside of 29.06% from the company’s current price.

A number of other equities analysts also recently weighed in on ATI. KeyCorp upped their price target on shares of Allegheny Technologies from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. Zacks Investment Research downgraded shares of Allegheny Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 20th. JPMorgan Chase & Co. raised shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and set a $28.00 price target on the stock in a research note on Wednesday, October 24th. Bank of America set a $34.00 price target on shares of Allegheny Technologies and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Finally, Buckingham Research upped their price target on shares of Allegheny Technologies from $40.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $33.56.

NYSE ATI opened at $27.12 on Thursday. Allegheny Technologies has a 1-year low of $21.01 and a 1-year high of $30.25. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.21 and a current ratio of 2.90. The firm has a market capitalization of $3.55 billion, a PE ratio of 19.07 and a beta of 2.37.

Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings results on Tuesday, October 23rd. The basic materials company reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.02). Allegheny Technologies had a return on equity of 10.15% and a net margin of 4.67%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the company posted ($0.07) earnings per share. The company’s revenue was up 17.4% compared to the same quarter last year. On average, sell-side analysts predict that Allegheny Technologies will post 1.6 EPS for the current year.

In related news, VP Karl D. Schwartz sold 1,000 shares of the company’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $26.79, for a total value of $26,790.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 3,000 shares of company stock valued at $79,790 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Arizona State Retirement System boosted its holdings in Allegheny Technologies by 2.3% in the third quarter. Arizona State Retirement System now owns 89,242 shares of the basic materials company’s stock worth $2,637,000 after purchasing an additional 2,008 shares in the last quarter. Mutual of America Capital Management LLC boosted its holdings in Allegheny Technologies by 2.3% in the second quarter. Mutual of America Capital Management LLC now owns 107,718 shares of the basic materials company’s stock worth $2,706,000 after purchasing an additional 2,439 shares in the last quarter. Rhumbline Advisers boosted its holdings in Allegheny Technologies by 1.3% in the second quarter. Rhumbline Advisers now owns 242,826 shares of the basic materials company’s stock worth $6,100,000 after purchasing an additional 3,143 shares in the last quarter. US Bancorp DE boosted its holdings in Allegheny Technologies by 7.2% in the second quarter. US Bancorp DE now owns 48,589 shares of the basic materials company’s stock worth $1,221,000 after purchasing an additional 3,262 shares in the last quarter. Finally, IndexIQ Advisors LLC boosted its holdings in Allegheny Technologies by 57.4% in the second quarter. IndexIQ Advisors LLC now owns 9,311 shares of the basic materials company’s stock worth $234,000 after purchasing an additional 3,397 shares in the last quarter.

Allegheny Technologies Company Profile

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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Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

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