Allegheny Technologies (NYSE:ATI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
According to Zacks, “Allegheny remains exposed to certain challenges in its Flat Rolled Products (FRP) segment including weakness across some major end-use markets. Moreover, lower raw material surcharges due to declines in ferrochrome and nickel hurt profitability in the FRP unit in the third quarter and remain a headwind in the fourth, albeit to a lesser extent. The company’s high balance sheet leverage is another concern. Demand for Allegheny's products in the oil and gas market is also expected remain subdued in the short haul.”
A number of other analysts also recently commented on ATI. Cowen reiterated a “hold” rating and set a $18.00 target price on shares of Allegheny Technologies in a research report on Thursday, October 12th. KeyCorp restated a “hold” rating on shares of Allegheny Technologies in a research report on Wednesday, October 11th. Finally, Berenberg Bank set a $17.00 price objective on Allegheny Technologies and gave the company a “hold” rating in a research report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $21.29.
Shares of Allegheny Technologies (ATI) opened at $27.73 on Monday. The company has a current ratio of 2.68, a quick ratio of 1.04 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $3,124.37, a price-to-earnings ratio of -35.55 and a beta of 2.39. Allegheny Technologies has a 12-month low of $14.54 and a 12-month high of $29.39.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, October 24th. The basic materials company reported ($0.07) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.07). The company had revenue of $869.10 million for the quarter, compared to the consensus estimate of $866.94 million. Allegheny Technologies had a positive return on equity of 1.09% and a negative net margin of 2.45%. Allegheny Technologies’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.21) earnings per share. equities analysts predict that Allegheny Technologies will post 0.32 EPS for the current year.
Several large investors have recently modified their holdings of the company. Amalgamated Bank lifted its position in shares of Allegheny Technologies by 1.2% in the second 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 in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Allegheny Technologies by 2.1% in the second 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 in the last quarter. Prudential Financial Inc. lifted its position in shares of Allegheny Technologies by 0.9% in the second 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 in the last quarter. Nationwide Fund Advisors lifted its position in shares of Allegheny Technologies by 0.3% in the second quarter. Nationwide Fund Advisors now owns 265,342 shares of the basic materials company’s stock valued at $4,513,000 after acquiring an additional 856 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its position in shares of Allegheny Technologies by 9.4% in the second quarter. Moors & Cabot Inc. now owns 13,347 shares of the basic materials company’s stock valued at $229,000 after acquiring an additional 1,150 shares in the last quarter.
Allegheny Technologies Company Profile
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.
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