Allegheny Technologies (NYSE:ATI) Cut to Neutral at Longbow Research

Longbow Research lowered shares of Allegheny Technologies (NYSE:ATI) from a buy rating to a neutral rating in a report issued on Thursday morning, Benzinga reports. Longbow Research currently has $24.45 price objective on the basic materials company’s stock.

Other research analysts also recently issued research reports about the company. Macquarie downgraded TAL Education Group from an outperform rating to a neutral rating in a report on Friday, April 12th. Zacks Investment Research downgraded Glu Mobile from a buy rating to a hold rating in a report on Tuesday, April 9th. Buckingham Research decreased their price objective on American Axle & Manufact. from $16.00 to $15.00 and set a neutral rating on the stock in a report on Monday, May 6th. KeyCorp reiterated a hold rating on shares of Silgan in a report on Wednesday, April 24th. Finally, ValuEngine upgraded YPF from a sell rating to a hold rating in a report on Monday, June 24th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $31.25.

NYSE ATI opened at $25.26 on Thursday. The stock has a market capitalization of $3.18 billion, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 1.13 and a beta of 2.34. The company’s 50-day moving average price is $24.30. The company has a quick ratio of 1.22, a current ratio of 2.87 and a debt-to-equity ratio of 0.75. Allegheny Technologies has a twelve month low of $20.84 and a twelve month high of $30.18.

Allegheny Technologies (NYSE:ATI) last released its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $0.12 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $991.18 million. Allegheny Technologies had a return on equity of 8.79% and a net margin of 4.41%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. Analysts expect that Allegheny Technologies will post 1.49 earnings per share for the current year.

In related news, Director James C. Diggs sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $23.65, for a total value of $94,600.00. Following the sale, the director now directly owns 36,458 shares of the company’s stock, valued at $862,231.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.06% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Frontier Capital Management Co. LLC grew its stake in shares of Allegheny Technologies by 0.5% in the first quarter. Frontier Capital Management Co. LLC now owns 8,998,522 shares of the basic materials company’s stock worth $230,092,000 after purchasing an additional 43,764 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Allegheny Technologies by 15.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,424,729 shares of the basic materials company’s stock valued at $96,329,000 after acquiring an additional 591,706 shares in the last quarter. OppenheimerFunds Inc. boosted its position in Allegheny Technologies by 7.6% during the 1st quarter. OppenheimerFunds Inc. now owns 2,195,173 shares of the basic materials company’s stock valued at $56,130,000 after acquiring an additional 155,034 shares in the last quarter. Iridian Asset Management LLC CT boosted its position in Allegheny Technologies by 4,002.2% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,706,231 shares of the basic materials company’s stock valued at $43,628,000 after acquiring an additional 1,664,638 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Allegheny Technologies by 18.1% during the 4th quarter. Nuveen Asset Management LLC now owns 1,388,324 shares of the basic materials company’s stock valued at $30,224,000 after acquiring an additional 212,395 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 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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