Allegheny Technologies (ATI) Trading 0% Higher After Earnings Beat

Shares of Allegheny Technologies (NYSE:ATI) traded up 0% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $27.77 and last traded at $27.62. 5,820,969 shares changed hands during trading, an increase of 194% from the average session volume of 1,980,459 shares. The stock had previously closed at $27.62.

The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.08. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The firm had revenue of $979.00 million for the quarter, compared to analyst estimates of $932.86 million. During the same quarter last year, the business earned $0.16 earnings per share. Allegheny Technologies’s revenue was up 13.1% compared to the same quarter last year.

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A number of brokerages have weighed in on ATI. Bank of America upgraded shares of Allegheny Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $25.61 to $32.00 in a report on Friday, March 2nd. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, January 15th. JPMorgan Chase lifted their price target on shares of Allegheny Technologies from $18.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. Barclays began coverage on shares of Allegheny Technologies in a report on Thursday, March 29th. They issued an “overweight” rating and a $33.00 price target on the stock. Finally, Cowen upgraded shares of Allegheny Technologies from a “market perform” rating to an “outperform” rating in a report on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Allegheny Technologies has an average rating of “Hold” and a consensus target price of $29.22.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Frontier Capital Management Co. LLC raised its stake in shares of Allegheny Technologies by 35.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 7,848,107 shares of the basic materials company’s stock valued at $189,453,000 after acquiring an additional 2,065,137 shares during the period. Emerald Advisers Inc. PA raised its stake in shares of Allegheny Technologies by 190.9% in the 4th quarter. Emerald Advisers Inc. PA now owns 941,793 shares of the basic materials company’s stock valued at $22,735,000 after acquiring an additional 618,060 shares during the period. Millennium Management LLC raised its stake in shares of Allegheny Technologies by 15.9% in the 4th quarter. Millennium Management LLC now owns 3,177,259 shares of the basic materials company’s stock valued at $76,699,000 after acquiring an additional 436,832 shares during the period. Keeley Teton Advisors LLC purchased a new position in shares of Allegheny Technologies in the 4th quarter valued at $9,748,000. Finally, Geode Capital Management LLC raised its stake in shares of Allegheny Technologies by 17.2% in the 4th quarter. Geode Capital Management LLC now owns 1,043,800 shares of the basic materials company’s stock valued at $25,197,000 after acquiring an additional 153,086 shares during the period.

The company has a current ratio of 2.69, a quick ratio of 1.04 and a debt-to-equity ratio of 0.83. The company has a market cap of $3,259.65, a P/E ratio of 57.54 and a beta of 2.39.

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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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