Investment analysts at Berenberg Bank initiated coverage on shares of Allegheny Technologies (NYSE:ATI) in a research note issued on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $35.00 price target on the basic materials company’s stock. Berenberg Bank’s price objective suggests a potential upside of 40.51% from the company’s previous close.
Other analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Allegheny Technologies from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a report on Thursday, September 13th. ValuEngine downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, September 11th. Buckingham Research lifted their target price on shares of Allegheny Technologies from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, August 8th. Cowen reaffirmed a “buy” rating and set a $35.00 target price on shares of Allegheny Technologies in a report on Monday, September 17th. Finally, JPMorgan Chase & Co. raised shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and set a $28.00 target price for the company in a report on Wednesday, October 24th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $33.70.
Shares of ATI stock opened at $24.91 on Thursday. The stock has a market cap of $3.26 billion, a P/E ratio of 51.90, a P/E/G ratio of 1.09 and a beta of 2.39. The company has a quick ratio of 1.21, a current ratio of 2.90 and a debt-to-equity ratio of 0.74. Allegheny Technologies has a 52 week low of $22.23 and a 52 week high of $30.25.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, October 23rd. The basic materials company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1 billion. Allegheny Technologies had a return on equity of 10.15% and a net margin of 4.67%. The business’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.07) EPS. On average, research analysts forecast that Allegheny Technologies will post 1.58 EPS for the current year.
In other Allegheny Technologies news, VP Karl D. Schwartz sold 1,000 shares of Allegheny Technologies stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $27.10, for a total value of $27,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of ATI. Capital Research Global Investors raised its stake in Allegheny Technologies by 142.7% in the 3rd quarter. Capital Research Global Investors now owns 5,854,900 shares of the basic materials company’s stock worth $173,012,000 after purchasing an additional 3,442,400 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in Allegheny Technologies by 19.7% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 9,562,933 shares of the basic materials company’s stock worth $282,585,000 after purchasing an additional 1,572,523 shares in the last quarter. Ashler Capital LLC acquired a new stake in Allegheny Technologies in the 3rd quarter worth about $28,615,000. Dimensional Fund Advisors LP raised its stake in Allegheny Technologies by 32.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,453,657 shares of the basic materials company’s stock worth $86,756,000 after purchasing an additional 838,934 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Allegheny Technologies by 12.1% in the 3rd quarter. Victory Capital Management Inc. now owns 6,469,854 shares of the basic materials company’s stock valued at $191,183,000 after buying an additional 700,796 shares in the last quarter.
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, 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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