Allegheny Technologies Incorporated (NYSE:ATI) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.47 and last traded at $24.48, with a volume of 1,084,561 shares traded. The stock had previously closed at $23.90.

A number of research firms recently weighed in on ATI. Zacks Investment Research raised Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Bank of America Corporation upgraded Allegheny Technologies from an “underperform” rating to a “buy” rating and boosted their price target for the company from $16.00 to $24.00 in a research note on Monday, September 11th. BidaskClub raised Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. J P Morgan Chase & Co raised Allegheny Technologies from an “underweight” rating to a “neutral” rating and upped their price target for the company from $14.50 to $19.00 in a report on Wednesday, July 26th. Finally, Longbow Research reiterated a “buy” rating and issued a $24.00 price objective on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $20.65.

The stock has a 50-day moving average of $20.09 and a 200-day moving average of $17.92. The firm’s market capitalization is $2.66 billion.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.02. Allegheny Technologies had a negative net margin of 14.89% and a positive return on equity of 0.08%. The company had revenue of $880.20 million for the quarter, compared to the consensus estimate of $874.95 million. During the same quarter in the prior year, the company earned ($0.21) EPS. Allegheny Technologies’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities research analysts expect that Allegheny Technologies Incorporated will post ($1.00) EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in ATI. Vanguard Group Inc. increased its stake in shares of Allegheny Technologies by 0.6% in the second quarter. Vanguard Group Inc. now owns 9,137,494 shares of the basic materials company’s stock worth $155,430,000 after acquiring an additional 55,412 shares during the period. Iridian Asset Management LLC CT raised its holdings in shares of Allegheny Technologies by 30.7% during the second quarter. Iridian Asset Management LLC CT now owns 8,725,099 shares of the basic materials company’s stock worth $148,414,000 after purchasing an additional 2,047,830 shares during the last quarter. State Street Corp raised its holdings in shares of Allegheny Technologies by 5.5% during the first quarter. State Street Corp now owns 5,869,035 shares of the basic materials company’s stock worth $105,408,000 after purchasing an additional 307,747 shares during the last quarter. Sasco Capital Inc. CT raised its holdings in shares of Allegheny Technologies by 10.8% during the second quarter. Sasco Capital Inc. CT now owns 5,464,354 shares of the basic materials company’s stock worth $92,949,000 after purchasing an additional 531,155 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of Allegheny Technologies by 17.5% during the second quarter. Frontier Capital Management Co. LLC now owns 5,405,055 shares of the basic materials company’s stock worth $91,940,000 after purchasing an additional 805,856 shares during the last quarter. 96.61% of the stock is currently owned by institutional investors and hedge funds.

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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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