Wall Street brokerages expect Allegheny Technologies Incorporated (NYSE:ATI) to post sales of $970.55 million for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Allegheny Technologies’ earnings. The lowest sales estimate is $935.00 million and the highest is $1.01 billion. Allegheny Technologies posted sales of $880.20 million in the same quarter last year, which would indicate a positive year over year growth rate of 10.3%. The firm is expected to announce its next quarterly earnings results before the market opens on Tuesday, July 24th.
On average, analysts expect that Allegheny Technologies will report full-year sales of $3.92 billion for the current year, with estimates ranging from $3.87 billion to $3.95 billion. For the next fiscal year, analysts forecast that the firm will report sales of $4.13 billion per share, with estimates ranging from $4.07 billion to $4.19 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Allegheny Technologies.
Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, April 24th. The basic materials company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.08. The business had revenue of $979.00 million during the quarter, compared to the consensus estimate of $932.86 million. Allegheny Technologies had a positive return on equity of 4.75% and a negative net margin of 1.41%. The company’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share.
Several brokerages have weighed in on ATI. Stephens began coverage on Allegheny Technologies in a report on Tuesday, June 26th. They issued an “overweight” rating for the company. Zacks Investment Research raised Allegheny Technologies from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a report on Tuesday, June 26th. Cowen reissued a “buy” rating and issued a $35.00 price target on shares of Allegheny Technologies in a report on Tuesday, June 26th. Longbow Research downgraded Allegheny Technologies from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a report on Monday, June 25th. Finally, JPMorgan Chase & Co. downgraded Allegheny Technologies from a “neutral” rating to an “underweight” rating and set a $25.00 price target for the company. in a report on Friday, June 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $29.70.
In related news, VP Karl D. Schwartz sold 1,000 shares of Allegheny Technologies stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $27.34, for a total transaction of $27,340.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John D. Sims sold 30,000 shares of Allegheny Technologies stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $27.34, for a total value of $820,200.00. The disclosure for this sale can be found here. Insiders have sold 32,000 shares of company stock valued at $874,660 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ATI. Cubist Systematic Strategies LLC acquired a new stake in shares of Allegheny Technologies during the first quarter worth about $126,000. Zeke Capital Advisors LLC acquired a new stake in shares of Allegheny Technologies during the first quarter worth about $200,000. OLD Mutual Customised Solutions Proprietary Ltd. lifted its holdings in shares of Allegheny Technologies by 284.0% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 9,600 shares of the basic materials company’s stock worth $232,000 after purchasing an additional 7,100 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Allegheny Technologies during the first quarter worth about $242,000. Finally, Elkfork Partners LLC acquired a new stake in shares of Allegheny Technologies during the fourth quarter worth about $248,000.
Allegheny Technologies traded up $0.13, hitting $25.25, during trading on Friday, according to MarketBeat. The company’s stock had a trading volume of 1,167,000 shares, compared to its average volume of 1,883,284. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.11 and a current ratio of 2.70. The company has a market cap of $3.16 billion, a PE ratio of 51.90 and a beta of 2.43. Allegheny Technologies has a fifty-two week low of $16.51 and a fifty-two week high of $30.25.
About Allegheny Technologies
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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