Allegheny Technologies (ATI) Downgraded by Macquarie

Allegheny Technologies (NYSE:ATI) was downgraded by equities researchers at Macquarie from an “outperform” rating to a “neutral” rating in a research note issued on Friday, April 12th, MarketBeat.com reports. They presently have a $28.00 price objective on the basic materials company’s stock, down from their prior price objective of $34.00. Macquarie’s target price points to a potential upside of 9.20% from the stock’s current price.

A number of other research analysts have also commented on ATI. Buckingham Research set a $45.00 price objective on Allegheny Technologies and gave the company a “buy” rating in a research report on Monday, April 8th. Zacks Investment Research raised Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. Finally, ValuEngine upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Allegheny Technologies has an average rating of “Buy” and an average target price of $33.09.

NYSE:ATI traded up $1.14 during midday trading on Friday, reaching $25.64. 1,227,540 shares of the company traded hands, compared to its average volume of 1,681,866. Allegheny Technologies has a twelve month low of $20.84 and a twelve month high of $30.18. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.87 and a quick ratio of 1.22. The firm has a market capitalization of $3.23 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.09 and a beta of 2.34.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $0.12 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.12. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $991.18 million. Allegheny Technologies had a return on equity of 8.79% and a net margin of 4.41%. Allegheny Technologies’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. Research analysts anticipate that Allegheny Technologies will post 1.53 EPS for the current fiscal year.

In other Allegheny Technologies news, insider Richard J. Harshman sold 10,780 shares of the business’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $29.13, for a total transaction of $314,021.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 38,128 shares of company stock worth $1,109,467. Insiders own 1.06% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of ATI. Private Capital Group LLC raised its holdings in shares of Allegheny Technologies by 336.2% during the fourth quarter. Private Capital Group LLC now owns 1,348 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 1,039 shares during the period. Shine Investment Advisory Services Inc. raised its holdings in shares of Allegheny Technologies by 123.5% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 1,133 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 626 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Allegheny Technologies by 283.3% in the 1st quarter. Quadrant Capital Group LLC now owns 1,265 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 935 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in Allegheny Technologies in the 4th quarter valued at about $41,000. Finally, Pearl River Capital LLC purchased a new stake in Allegheny Technologies in the 4th quarter valued at about $48,000.

Allegheny Technologies Company Profile

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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Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

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