Allegheny Technologies (ATI) Shares Gap Down to $25.66

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Allegheny Technologies Incorporated (NYSE:ATI) shares gapped down prior to trading on Monday . The stock had previously closed at $25.54, but opened at $25.66. Allegheny Technologies shares last traded at $26.05, with a volume of 46192 shares trading hands.

A number of research firms have weighed in on ATI. Macquarie downgraded Allegheny Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $34.00 to $28.00 in a research note on Friday. Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. ValuEngine upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Finally, Buckingham Research set a $45.00 target price on Allegheny Technologies and gave the stock a “buy” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $33.36.

The company has a market cap of $3.24 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 0.95 and a beta of 2.39. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.68 and a quick ratio of 1.24.

Allegheny Technologies (NYSE:ATI) last released its quarterly earnings results on Tuesday, January 22nd. The basic materials company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.03). The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $991.88 million. Allegheny Technologies had a net margin of 5.50% and a return on equity of 10.28%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. Equities analysts forecast that Allegheny Technologies Incorporated will post 1.9 EPS for the current year.

In related news, insider Richard J. Harshman sold 7,140 shares of the business’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $28.99, for a total value of $206,988.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barabara S. Jeremiah sold 7,500 shares of the business’s stock in a transaction on Thursday, January 24th. The shares were sold at an average price of $25.61, for a total value of $192,075.00. Following the completion of the sale, the director now owns 33,833 shares of the company’s stock, valued at $866,463.13. The disclosure for this sale can be found here. Insiders sold a total of 45,628 shares of company stock valued at $1,301,542 over the last 90 days. 1.06% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new position in Allegheny Technologies in the 3rd quarter valued at $2,196,000. Legal & General Group Plc grew its position in Allegheny Technologies by 1.0% during the 3rd quarter. Legal & General Group Plc now owns 172,828 shares of the basic materials company’s stock worth $5,107,000 after acquiring an additional 1,737 shares during the last quarter. MetLife Investment Advisors LLC grew its position in Allegheny Technologies by 21.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 164,227 shares of the basic materials company’s stock worth $4,853,000 after acquiring an additional 29,019 shares during the last quarter. Mcclain Value Management LLC grew its position in Allegheny Technologies by 1.2% during the 4th quarter. Mcclain Value Management LLC now owns 250,772 shares of the basic materials company’s stock worth $5,459,000 after acquiring an additional 2,870 shares during the last quarter. Finally, LPL Financial LLC bought a new stake in Allegheny Technologies during the 3rd quarter worth $251,000.

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About Allegheny Technologies (NYSE:ATI)

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 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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