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.
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.
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.
TRADEMARK VIOLATION NOTICE: “Allegheny Technologies (ATI) Trading 0% Higher After Earnings Beat” was originally reported by Week Herald and is owned by of Week Herald. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of U.S. and international copyright and trademark law. The correct version of this piece can be viewed at https://weekherald.com/2018/04/24/allegheny-technologies-ati-trading-0-higher-after-earnings-beat.html.
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.
Receive News & Ratings for Allegheny Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegheny Technologies and related companies with MarketBeat.com's FREE daily email newsletter.