Allegheny Technologies Incorporated (NYSE:ATI)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $23.44, but opened at $23.80. Allegheny Technologies shares last traded at $23.75, with a volume of 2442439 shares changing hands.

ATI has been the subject of a number of analyst reports. Bank of America Corporation raised shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and upped their price objective for the company from $16.00 to $24.00 in a research report on Monday, September 11th. Berenberg Bank set a $17.00 price objective on shares of Allegheny Technologies and gave the company a “hold” rating in a research report on Thursday, October 19th. J P Morgan Chase & Co raised shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $14.50 to $19.00 in a research report on Wednesday, July 26th. KeyCorp reissued a “hold” rating on shares of Allegheny Technologies in a research report on Wednesday, October 11th. Finally, Zacks Investment Research cut shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 17th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $20.57.

The company has a quick ratio of 1.04, a current ratio of 2.68 and a debt-to-equity ratio of 1.30. The stock has a market cap of $2,600.20, a PE ratio of 170.61, a P/E/G ratio of 4.98 and a beta of 2.44.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, October 24th. The basic materials company reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07). Allegheny Technologies had a negative net margin of 2.45% and a positive return on equity of 1.09%. The business had revenue of $869.10 million for the quarter, compared to analysts’ expectations of $866.94 million. During the same quarter last year, the company posted ($0.21) earnings per share. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. research analysts expect that Allegheny Technologies Incorporated will post 0.32 EPS for the current year.

Several hedge funds have recently modified their holdings of ATI. Prudential Financial Inc. lifted its position in shares of Allegheny Technologies by 6.9% during the first quarter. Prudential Financial Inc. now owns 72,342 shares of the basic materials company’s stock worth $1,299,000 after purchasing an additional 4,670 shares during the last quarter. Teachers Advisors LLC raised its stake in Allegheny Technologies by 2.5% during the first quarter. Teachers Advisors LLC now owns 689,197 shares of the basic materials company’s stock worth $12,378,000 after acquiring an additional 16,527 shares during the period. Thrivent Financial For Lutherans raised its stake in Allegheny Technologies by 10.6% during the first quarter. Thrivent Financial For Lutherans now owns 20,680 shares of the basic materials company’s stock worth $371,000 after acquiring an additional 1,980 shares during the period. Vanguard Group Inc. raised its stake in Allegheny Technologies by 5.4% during the first quarter. Vanguard Group Inc. now owns 9,082,082 shares of the basic materials company’s stock worth $163,114,000 after acquiring an additional 464,285 shares during the period. Finally, Geode Capital Management LLC raised its stake in Allegheny Technologies by 1.1% during the first quarter. Geode Capital Management LLC now owns 820,922 shares of the basic materials company’s stock worth $14,743,000 after acquiring an additional 8,605 shares during the period.

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About Allegheny Technologies

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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