Longbow Research Lowers Allegheny Technologies (NYSE:ATI) to Neutral

Longbow Research downgraded shares of Allegheny Technologies (NYSE:ATI) from a buy rating to a neutral rating in a report published on Thursday, Benzinga reports. The firm currently has $24.45 price target on the basic materials company’s stock.

A number of other research analysts have also recently commented on the company. Buckingham Research dropped their price target on American Axle & Manufact. from $16.00 to $15.00 and set a neutral rating for the company in a research note on Monday, May 6th. ValuEngine raised YPF from a sell rating to a hold rating in a research report on Monday, June 24th. Macquarie lowered TAL Education Group from an outperform rating to a neutral rating in a research report on Friday, April 12th. KeyCorp reaffirmed a hold rating on shares of Silgan in a research report on Wednesday, April 24th. Finally, Zacks Investment Research lowered Glu Mobile from a buy rating to a hold rating in a research report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $31.25.

Shares of ATI opened at $25.26 on Thursday. Allegheny Technologies has a 52 week low of $20.84 and a 52 week high of $30.18. The company has a market cap of $3.18 billion, a PE ratio of 19.28, a price-to-earnings-growth ratio of 1.13 and a beta of 2.34. The company has a quick ratio of 1.22, a current ratio of 2.87 and a debt-to-equity ratio of 0.75. The firm has a fifty day moving average price of $24.30.

Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $0.12 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.12. Allegheny Technologies had a return on equity of 8.79% and a net margin of 4.41%. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $991.18 million. During the same period in the prior year, the company earned $0.32 EPS. Allegheny Technologies’s revenue was up 2.6% compared to the same quarter last year. On average, research analysts anticipate that Allegheny Technologies will post 1.49 earnings per share for the current fiscal year.

In related news, Director James C. Diggs sold 4,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $23.65, for a total transaction of $94,600.00. Following the completion of the transaction, the director now directly owns 36,458 shares of the company’s stock, valued at approximately $862,231.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.06% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Shine Investment Advisory Services Inc. raised its position 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 in the last quarter. Quadrant Capital Group LLC raised its position 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 in the last quarter. FinTrust Capital Advisors LLC bought a new position in shares of Allegheny Technologies in the 1st quarter worth about $64,000. First Manhattan Co. bought a new position in shares of Allegheny Technologies in the 1st quarter worth about $85,000. Finally, Private Capital Group LLC raised its position in shares of Allegheny Technologies by 162.5% in the 1st quarter. Private Capital Group LLC now owns 3,538 shares of the basic materials company’s stock worth $90,000 after acquiring an additional 2,190 shares in the last quarter.

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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