Allegheny Technologies Incorporated (NYSE:ATI) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research downgraded shares of Allegheny Technologies Incorporated (NYSE:ATI) from a hold rating to a sell rating in a research report released on Monday.
According to Zacks, “Annual estimates for Allegheny have been going down lately. Allegheny has underperformed the Steel-Specialty Alloys industry over the past three months. The company remains exposed to certain challenges in its core Flat Rolled Products segment including weakness across some major end-use markets. Depressed oil prices are also expected to hurt demand for Allegheny's products in the oil and gas market in the short haul.”
A number of other equities analysts have also recently issued reports on ATI. Cowen and Company reiterated a hold rating and issued a $18.00 target price on shares of Allegheny Technologies in a report on Tuesday, April 25th. BidaskClub cut Allegheny Technologies from a hold rating to a sell rating in a report on Tuesday, June 20th. Berenberg Bank upgraded Allegheny Technologies from a sell rating to a hold rating and increased their target price for the stock from $16.10 to $17.20 in a report on Monday, April 24th. Deutsche Bank AG cut their target price on Allegheny Technologies from $21.50 to $20.00 and set a hold rating on the stock in a report on Tuesday, March 21st. Finally, Longbow Research began coverage on Allegheny Technologies in a report on Tuesday, March 21st. They issued a buy rating and a $24.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $19.74.
Shares of Allegheny Technologies (NYSE ATI) opened at 17.93 on Monday. Allegheny Technologies has a 12-month low of $13.15 and a 12-month high of $23.69. The firm’s market capitalization is $1.95 billion. The stock has a 50 day moving average of $16.95 and a 200-day moving average of $17.78.
Allegheny Technologies (NYSE:ATI) last issued its earnings results on Tuesday, April 25th. The basic materials company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. Allegheny Technologies had a negative return on equity of 1.84% and a negative net margin of 16.10%. The company had revenue of $865.90 million for the quarter, compared to analysts’ expectations of $843.39 million. During the same period last year, the business earned ($0.94) EPS. Allegheny Technologies’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities research analysts predict that Allegheny Technologies will post ($1.00) EPS for the current fiscal year.
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Institutional investors have recently modified their holdings of the stock. NorthRock Partners LLC bought a new position in shares of Allegheny Technologies during the first quarter valued at $746,000. Sei Investments Co. boosted its position in shares of Allegheny Technologies by 82.9% in the first quarter. Sei Investments Co. now owns 374,519 shares of the basic materials company’s stock valued at $6,726,000 after buying an additional 169,767 shares during the period. Victory Capital Management Inc. boosted its position in shares of Allegheny Technologies by 11.7% in the first quarter. Victory Capital Management Inc. now owns 2,407,572 shares of the basic materials company’s stock valued at $43,240,000 after buying an additional 251,914 shares during the period. Nisa Investment Advisors LLC boosted its position 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 valued at $115,000 after buying an additional 2,480 shares during the period. Finally, Mason Street Advisors LLC boosted its position in shares of Allegheny Technologies by 1.1% in the first quarter. Mason Street Advisors LLC now owns 51,383 shares of the basic materials company’s stock valued at $923,000 after buying an additional 544 shares during the period. Institutional investors and hedge funds own 96.61% of the company’s stock.
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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