Stock Traders Purchase High Volume of Call Options on Allegheny Technologies (ATI)
Allegheny Technologies Incorporated (NYSE:ATI) was the recipient of unusually large options trading on Monday. Investors bought 5,479 call options on the company. This represents an increase of approximately 1,783% compared to the typical volume of 291 call options.
Shares of NYSE ATI opened at $29.07 on Tuesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.87 and a quick ratio of 1.18. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 27.56 and a beta of 2.51. Allegheny Technologies has a twelve month low of $21.01 and a twelve month high of $30.25.
Allegheny Technologies (NYSE:ATI) last issued its earnings results on Tuesday, July 24th. The basic materials company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.16. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Allegheny Technologies had a return on equity of 7.84% and a net margin of 0.30%. Allegheny Technologies’s revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 EPS. research analysts expect that Allegheny Technologies will post 1.64 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bain Capital Public Equity Management LLC raised its position in Allegheny Technologies by 29.0% during the 2nd quarter. Bain Capital Public Equity Management LLC now owns 419,836 shares of the basic materials company’s stock valued at $10,546,000 after purchasing an additional 94,376 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Allegheny Technologies during the 2nd quarter valued at $238,000. Global X Management Co LLC raised its position in Allegheny Technologies by 18.1% during the 2nd quarter. Global X Management Co LLC now owns 30,645 shares of the basic materials company’s stock valued at $770,000 after purchasing an additional 4,689 shares in the last quarter. MAI Capital Management bought a new stake in Allegheny Technologies during the 2nd quarter valued at $207,000. Finally, Advisors Asset Management Inc. raised its position in Allegheny Technologies by 254.8% during the 2nd quarter. Advisors Asset Management Inc. now owns 55,252 shares of the basic materials company’s stock valued at $327,000 after purchasing an additional 39,680 shares in the last quarter.
A number of equities research analysts recently issued reports on the company. Goldman Sachs Group raised Allegheny Technologies from a “sell” rating to a “neutral” rating and set a $29.00 price target for the company in a research note on Tuesday, May 29th. Zacks Investment Research raised Allegheny Technologies from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Tuesday, June 26th. Cowen reissued a “buy” rating and set a $35.00 price target on shares of Allegheny Technologies in a research note on Tuesday, June 26th. Longbow Research lowered Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research note on Monday, June 25th. Finally, JPMorgan Chase & Co. lowered Allegheny Technologies from a “neutral” rating to an “underweight” rating and set a $25.00 price target for the company. in a research note on Friday, June 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $30.60.
About Allegheny Technologies
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, converts, and distributes a range of 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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