Zacks: Analysts Expect Allegheny Technologies Incorporated (NYSE:ATI) Will Post Earnings of $0.34 Per Share

Equities research analysts expect that Allegheny Technologies Incorporated (NYSE:ATI) will post earnings per share of $0.34 for the current quarter, Zacks reports. Four analysts have issued estimates for Allegheny Technologies’ earnings. The highest EPS estimate is $0.39 and the lowest is $0.29. Allegheny Technologies posted earnings of $0.52 per share in the same quarter last year, which suggests a negative year over year growth rate of 34.6%. The firm is expected to announce its next quarterly earnings results before the market opens on Tuesday, July 23rd.

According to Zacks, analysts expect that Allegheny Technologies will report full year earnings of $1.48 per share for the current financial year, with EPS estimates ranging from $1.30 to $1.80. For the next financial year, analysts forecast that the firm will post earnings of $2.34 per share, with EPS estimates ranging from $2.01 to $2.70. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Allegheny Technologies.

Allegheny Technologies (NYSE:ATI) last released its earnings results on Tuesday, April 23rd. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. Allegheny Technologies had a return on equity of 8.79% and a net margin of 4.41%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $991.18 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. Allegheny Technologies’s revenue was up 2.6% on a year-over-year basis.

ATI has been the topic of several analyst reports. KeyCorp reiterated a “hold” rating on shares of Silgan in a report on Wednesday, April 24th. Macquarie lowered TAL Education Group from an “outperform” rating to a “neutral” rating in a report on Friday, April 12th. Zacks Investment Research lowered Glu Mobile from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Buckingham Research dropped their target price on American Axle & Manufact. from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Finally, ValuEngine upgraded YPF from a “sell” rating to a “hold” rating in a report on Monday, June 24th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $32.20.

In other Allegheny Technologies news, Director James C. Diggs sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $23.65, for a total value of $94,600.00. Following the sale, the director now owns 36,458 shares in the company, valued at $862,231.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.06% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Frontier Capital Management Co. LLC raised its position in shares of Allegheny Technologies by 0.5% in the first quarter. Frontier Capital Management Co. LLC now owns 8,998,522 shares of the basic materials company’s stock valued at $230,092,000 after buying an additional 43,764 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Allegheny Technologies by 15.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,424,729 shares of the basic materials company’s stock worth $96,329,000 after acquiring an additional 591,706 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in Allegheny Technologies by 7.6% in the first quarter. OppenheimerFunds Inc. now owns 2,195,173 shares of the basic materials company’s stock worth $56,130,000 after acquiring an additional 155,034 shares during the last quarter. Iridian Asset Management LLC CT lifted its stake in Allegheny Technologies by 4,002.2% in the first quarter. Iridian Asset Management LLC CT now owns 1,706,231 shares of the basic materials company’s stock worth $43,628,000 after acquiring an additional 1,664,638 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Allegheny Technologies by 18.1% in the fourth quarter. Nuveen Asset Management LLC now owns 1,388,324 shares of the basic materials company’s stock worth $30,224,000 after acquiring an additional 212,395 shares during the last quarter.

ATI traded down $0.19 on Friday, hitting $24.69. 22,788 shares of the company were exchanged, compared to its average volume of 1,008,679. Allegheny Technologies has a 12 month low of $20.84 and a 12 month high of $30.18. The company has a market cap of $3.11 billion, a P/E ratio of 16.31, a PEG ratio of 1.11 and a beta of 2.34. The company has a current ratio of 2.87, a quick ratio of 1.22 and a debt-to-equity ratio of 0.75. The company has a fifty day moving average price of $24.13.

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.

Read More: Do equity income investments outperform growth and income investments?

Get a free copy of the Zacks research report on Allegheny Technologies (ATI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Allegheny Technologies (NYSE:ATI)

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.