Shares of Allegheny Technologies Incorporated (NYSE:ATI) shot up 8% during trading on Monday . The stock traded as high as $22.76 and last traded at $22.16. 3,755,781 shares changed hands during trading, an increase of 104% from the average session volume of 1,838,310 shares. The stock had previously closed at $20.51.
Several research firms have recently commented on ATI. Bank of America Corporation raised shares of Allegheny Technologies from an “underperform” rating to a “buy” rating and increased their price target for the company from $16.00 to $24.00 in a research note on Monday. Longbow Research reissued a “buy” rating and set a $24.00 price target on shares of Allegheny Technologies in a research note on Wednesday, August 23rd. J P Morgan Chase & Co raised shares of Allegheny Technologies from an “underweight” rating to a “neutral” rating and increased their price target for the company from $14.50 to $19.00 in a research note on Wednesday, July 26th. BidaskClub cut shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $20.65.
The firm’s market cap is $2.43 billion. The firm’s 50-day moving average is $19.41 and its 200 day moving average is $17.77.
Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.02. Allegheny Technologies had a negative net margin of 14.89% and a positive return on equity of 0.08%. The firm had revenue of $880.20 million for the quarter, compared to analyst estimates of $874.95 million. During the same period in the previous year, the firm posted ($0.21) EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Equities research analysts predict that Allegheny Technologies Incorporated will post ($1.00) EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC grew its holdings in Allegheny Technologies by 63.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 6,380 shares of the basic materials company’s stock worth $115,000 after acquiring an additional 2,480 shares during the last quarter. Neuburgh Advisers LLC grew its holdings in Allegheny Technologies by 1.1% during the 1st quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock worth $117,000 after acquiring an additional 68 shares during the last quarter. Financial Architects Inc grew its holdings in Allegheny Technologies by 180.0% during the 2nd quarter. Financial Architects Inc now owns 7,000 shares of the basic materials company’s stock worth $119,000 after acquiring an additional 4,500 shares during the last quarter. Creative Planning grew its holdings in Allegheny Technologies by 2,619.9% during the 2nd quarter. Creative Planning now owns 7,534 shares of the basic materials company’s stock worth $128,000 after acquiring an additional 7,257 shares during the last quarter. Finally, Riverhead Capital Management LLC grew its holdings in Allegheny Technologies by 72.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,297 shares of the basic materials company’s stock worth $141,000 after acquiring an additional 3,497 shares during the last quarter. 96.61% of the stock is currently owned by hedge funds and other institutional investors.
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About Allegheny Technologies
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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