Allegheny Technologies Incorporated (NYSE:ATI) Stock Rating Lowered by BidaskClub
BidaskClub downgraded shares of Allegheny Technologies Incorporated (NYSE:ATI) from a hold rating to a sell rating in a research note published on Thursday morning.
A number of other research analysts also recently issued reports on the company. Cowen and Company boosted their price target on Allegheny Technologies from $15.00 to $18.00 and gave the company a market perform rating in a report on Monday, April 17th. Berenberg Bank raised Allegheny Technologies from a sell rating to a hold rating and boosted their price target for the company from $16.10 to $17.20 in a report on Monday, April 24th. Zacks Investment Research downgraded Allegheny Technologies from a hold rating to a sell rating in a report on Monday, July 17th. Finally, J P Morgan Chase & Co raised Allegheny Technologies from an underweight rating to a neutral rating and boosted their price target for the company from $14.50 to $19.00 in a report on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Allegheny Technologies has an average rating of Hold and a consensus target price of $19.65.
Shares of Allegheny Technologies (NYSE ATI) opened at 18.93 on Thursday. Allegheny Technologies has a one year low of $13.15 and a one year high of $23.69. The firm’s 50-day moving average is $17.31 and its 200-day moving average is $17.85. The stock’s market capitalization is $2.06 billion.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.02. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. The company had revenue of $880.20 million during the quarter, compared to the consensus estimate of $874.95 million. During the same period in the previous year, the company posted ($0.21) earnings per share. Allegheny Technologies’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts forecast that Allegheny Technologies will post ($1.00) EPS for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its position in shares of Allegheny Technologies by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 38,146 shares of the basic materials company’s stock valued at $685,000 after buying an additional 500 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Allegheny Technologies by 2.2% in the first quarter. Nationwide Fund Advisors now owns 264,486 shares of the basic materials company’s stock valued at $4,750,000 after buying an additional 5,718 shares during the last quarter. Nisa Investment Advisors LLC increased 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 last quarter. Farmers & Merchants Investments Inc. increased its position in shares of Allegheny Technologies by 10.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 128,292 shares of the basic materials company’s stock valued at $2,304,000 after buying an additional 12,131 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its position in shares of Allegheny Technologies by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 27,500 shares of the basic materials company’s stock valued at $494,000 after buying an additional 600 shares during the last quarter. 96.61% of the stock is owned by institutional investors and hedge funds.
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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