Allegheny Technologies Incorporated (NYSE:ATI) Expected to Post Earnings of $0.11 Per Share

Wall Street analysts expect that Allegheny Technologies Incorporated (NYSE:ATI) will post $0.11 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Allegheny Technologies’ earnings. The highest EPS estimate is $0.15 and the lowest is $0.06. Allegheny Technologies reported earnings per share of ($0.33) during the same quarter last year, which would suggest a positive year-over-year growth rate of 133.3%. The company is expected to announce its next earnings report before the market opens on Wednesday, February 2nd.

According to Zacks, analysts expect that Allegheny Technologies will report full-year earnings of ($0.03) per share for the current financial year, with EPS estimates ranging from ($0.07) to $0.02. For the next fiscal year, analysts anticipate that the business will post earnings of $0.68 per share, with EPS estimates ranging from $0.51 to $0.86. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Allegheny Technologies.

Allegheny Technologies (NYSE:ATI) last released its earnings results on Wednesday, October 27th. The basic materials company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $725.70 million during the quarter, compared to the consensus estimate of $675.60 million. Allegheny Technologies had a negative net margin of 41.94% and a negative return on equity of 9.26%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.38) earnings per share.

A number of brokerages have recently commented on ATI. Berenberg Bank raised shares of Allegheny Technologies from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Friday, January 7th. Wolfe Research began coverage on shares of Allegheny Technologies in a report on Tuesday, November 16th. They set a “market perform” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. raised shares of Allegheny Technologies from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $25.00 to $23.00 in a research note on Friday, October 15th. KeyCorp lowered their price objective on shares of Allegheny Technologies from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, December 21st. Finally, Cowen upgraded shares of Allegheny Technologies from a “market perform” rating to an “outperform” rating and increased their target price for the company from $22.00 to $23.00 in a report on Tuesday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Allegheny Technologies has a consensus rating of “Buy” and an average price target of $22.88.

Shares of ATI opened at $20.41 on Monday. The firm has a 50-day moving average of $16.26 and a 200-day moving average of $17.59. Allegheny Technologies has a one year low of $13.85 and a one year high of $25.03. The company has a debt-to-equity ratio of 2.48, a current ratio of 2.23 and a quick ratio of 1.35.

Several hedge funds have recently made changes to their positions in the company. First Trust Advisors LP purchased a new position in shares of Allegheny Technologies in the 1st quarter worth about $3,043,000. Teacher Retirement System of Texas raised its position in shares of Allegheny Technologies by 17.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 16,591 shares of the basic materials company’s stock worth $346,000 after purchasing an additional 2,484 shares during the last quarter. Mutual of America Capital Management LLC raised its position in Allegheny Technologies by 6.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 18,084 shares of the basic materials company’s stock worth $377,000 after buying an additional 1,146 shares during the last quarter. Duality Advisers LP purchased a new position in Allegheny Technologies in the 2nd quarter worth about $560,000. Finally, First Mercantile Trust Co. raised its position in Allegheny Technologies by 25.7% in the 2nd quarter. First Mercantile Trust Co. now owns 9,197 shares of the basic materials company’s stock worth $192,000 after buying an additional 1,883 shares during the last quarter.

About Allegheny Technologies

Allegheny Technologies, Inc engages in the manufacture of specialty materials and components. It operates through the High Performance Materials and Components (HPMC) and Advanced Alloys & Solutions (AA&S) segments. The HPMC segment consists of the production of materials, parts, and components for aerospace and defense, medical, and energy markets.

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Earnings History and Estimates for Allegheny Technologies (NYSE:ATI)

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