Allegheny Technologies Incorporated (NYSE:ATI) – Analysts at Seaport Global Securities dropped their Q1 2020 earnings per share estimates for shares of Allegheny Technologies in a research note issued to investors on Tuesday, November 5th. Seaport Global Securities analyst J. Sullivan now forecasts that the basic materials company will post earnings per share of $0.49 for the quarter, down from their prior estimate of $0.62. Seaport Global Securities also issued estimates for Allegheny Technologies’ Q2 2020 earnings at $0.55 EPS.
ATI has been the subject of several other research reports. TheStreet downgraded Allegheny Technologies from a “b-” rating to a “c+” rating in a research note on Thursday, August 22nd. Longbow Research downgraded Allegheny Technologies from a “neutral” rating to an “underperform” rating and set a $18.00 target price for the company. in a research note on Tuesday, October 15th. Barclays restated a “buy” rating and set a $31.00 target price on shares of Allegheny Technologies in a research note on Wednesday, July 31st. Cowen restated a “buy” rating and set a $32.00 target price on shares of Allegheny Technologies in a research note on Monday, August 12th. Finally, ValuEngine upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Allegheny Technologies has a consensus rating of “Hold” and an average target price of $27.25.
Shares of NYSE:ATI opened at $23.70 on Friday. The business has a 50 day moving average price of $20.67 and a 200 day moving average price of $22.02. Allegheny Technologies has a twelve month low of $17.03 and a twelve month high of $29.50. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.25 and a beta of 2.29. The company has a quick ratio of 1.64, a current ratio of 3.17 and a debt-to-equity ratio of 0.68.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Thursday, October 31st. The basic materials company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.45. Allegheny Technologies had a return on equity of 7.38% and a net margin of 5.85%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $0.37 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year.
Several hedge funds have recently made changes to their positions in ATI. Iridian Asset Management LLC CT lifted its position in shares of Allegheny Technologies by 111.2% in the 2nd quarter. Iridian Asset Management LLC CT now owns 3,603,621 shares of the basic materials company’s stock worth $90,811,000 after acquiring an additional 1,897,390 shares during the period. Invesco Ltd. lifted its position in shares of Allegheny Technologies by 46.5% during the 2nd quarter. Invesco Ltd. now owns 3,504,894 shares of the basic materials company’s stock worth $88,323,000 after buying an additional 1,111,943 shares during the period. Northern Trust Corp lifted its position in shares of Allegheny Technologies by 34.4% during the 2nd quarter. Northern Trust Corp now owns 3,031,048 shares of the basic materials company’s stock worth $76,382,000 after buying an additional 775,079 shares during the period. River Road Asset Management LLC bought a new position in shares of Allegheny Technologies during the 3rd quarter worth approximately $10,685,000. Finally, Balyasny Asset Management LLC lifted its position in shares of Allegheny Technologies by 1,820.0% during the 2nd quarter. Balyasny Asset Management LLC now owns 460,095 shares of the basic materials company’s stock worth $11,594,000 after buying an additional 436,132 shares during the period.
In other news, SVP Elliot S. Davis acquired 2,000 shares of Allegheny Technologies stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $17.53 per share, for a total transaction of $35,060.00. Following the transaction, the senior vice president now owns 6,530 shares of the company’s stock, valued at $114,470.90. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Kevin B. Kramer acquired 2,500 shares of Allegheny Technologies stock in a transaction on Wednesday, August 14th. The stock was purchased at an average price of $17.68 per share, with a total value of $44,200.00. The disclosure for this purchase can be found here. Insiders acquired a total of 12,400 shares of company stock valued at $222,680 in the last quarter. Corporate insiders own 1.06% of the company’s stock.
Allegheny Technologies Company Profile
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 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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