Cowen and Company Reaffirms Hold Rating for Allegheny Technologies Incorporated (ATI)

Cowen and Company reaffirmed their hold rating on shares of Allegheny Technologies Incorporated (NYSE:ATI) in a research report released on Thursday. Cowen and Company currently has a $18.00 target price on the basic materials company’s stock.

“ATI pre-announced Q3 EPS below Street, driven by unfavorable price-cost dynamics.”,” the firm’s analyst commented.

Several other research analysts also recently weighed in on ATI. BidaskClub raised shares of Allegheny Technologies from a sell rating to a hold rating in a research note on Wednesday, August 2nd. Zacks Investment Research raised shares of Allegheny Technologies from a sell rating to a hold rating in a research note on Monday, August 7th. Longbow Research reissued a buy rating and issued a $24.00 target price on shares of Allegheny Technologies in a research note on Wednesday, August 23rd. J P Morgan Chase & Co raised shares of Allegheny Technologies from an underweight rating to a neutral rating and boosted their target price for the company from $14.50 to $19.00 in a research note on Wednesday, July 26th. Finally, Bank of America Corporation raised shares of Allegheny Technologies from an underperform rating to a buy rating and boosted their target price for the company from $16.00 to $24.00 in a research note on Monday, September 11th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $20.60.

Shares of Allegheny Technologies (NYSE ATI) opened at 24.85 on Thursday. Allegheny Technologies has a 52-week low of $13.15 and a 52-week high of $25.51. The firm’s market capitalization is $2.71 billion. The company’s 50-day moving average is $22.85 and its 200 day moving average is $18.74.

Allegheny Technologies (NYSE:ATI) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. Allegheny Technologies had a negative net margin of 14.89% and a positive return on equity of 0.08%. The firm had revenue of $880.20 million during the quarter, compared to the consensus estimate of $874.95 million. During the same quarter in the previous year, the company posted ($0.21) EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts expect that Allegheny Technologies will post ($1.00) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank increased its stake in shares of Allegheny Technologies by 1.2% during the 2nd quarter. Amalgamated Bank now owns 15,449 shares of the basic materials company’s stock valued at $263,000 after acquiring an additional 186 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Allegheny Technologies by 2.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 9,587 shares of the basic materials company’s stock valued at $163,000 after acquiring an additional 201 shares during the last quarter. Advantus Capital Management Inc increased its stake in shares of Allegheny Technologies by 2.9% during the 1st quarter. Advantus Capital Management Inc now owns 13,926 shares of the basic materials company’s stock valued at $250,000 after acquiring an additional 388 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Allegheny Technologies by 0.9% during the 2nd quarter. Prudential Financial Inc. now owns 73,002 shares of the basic materials company’s stock valued at $1,242,000 after acquiring an additional 660 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Allegheny Technologies by 2.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 34,220 shares of the basic materials company’s stock valued at $614,000 after acquiring an additional 691 shares during the last quarter.

About Allegheny Technologies

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.

Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

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