Allegheny Technologies (NYSE:ATI) Earns “Buy” Rating from Cowen

Cowen reaffirmed their buy rating on shares of Allegheny Technologies (NYSE:ATI) in a research report sent to investors on Monday morning, AnalystRatings.com reports. The firm currently has a $32.00 target price on the basic materials company’s stock.

Several other research firms also recently issued reports on ATI. TheStreet upgraded Allegheny Technologies from a c rating to a b- rating in a research report on Tuesday, July 23rd. Longbow Research downgraded Allegheny Technologies from a buy rating to a neutral rating and set a $24.45 target price on the stock. in a research report on Thursday, July 18th. ValuEngine cut shares of Allegheny Technologies from a hold rating to a sell rating in a report on Wednesday, July 24th. Barclays reaffirmed a buy rating and issued a $31.00 price target on shares of Allegheny Technologies in a report on Wednesday, July 31st. Finally, KeyCorp upped their price target on shares of Allegheny Technologies from $33.00 to $34.00 and gave the stock an overweight rating in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Allegheny Technologies presently has a consensus rating of Hold and an average target price of $29.72.

NYSE:ATI opened at $17.43 on Monday. The stock has a market capitalization of $2.24 billion, a P/E ratio of 11.54, a P/E/G ratio of 0.91 and a beta of 2.29. The stock’s fifty day moving average is $22.98. Allegheny Technologies has a 1 year low of $17.27 and a 1 year high of $30.18. The company has a current ratio of 2.98, a quick ratio of 1.37 and a debt-to-equity ratio of 0.72.



Allegheny Technologies (NYSE:ATI) last posted its earnings results on Tuesday, July 23rd. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.04 billion. Allegheny Technologies had a return on equity of 7.83% and a net margin of 4.39%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share. Equities analysts forecast that Allegheny Technologies will post 1.3 earnings per share for the current year.

In other news, Director James C. Diggs sold 4,000 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $23.65, for a total value of $94,600.00. Following the transaction, the director now owns 36,458 shares of the company’s stock, valued at $862,231.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robert S. Wetherbee purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average cost of $18.36 per share, for a total transaction of $91,800.00. Following the acquisition, the insider now owns 113,335 shares of the company’s stock, valued at approximately $2,080,830.60. The disclosure for this purchase can be found here. Corporate insiders own 1.06% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT increased its stake in Allegheny Technologies by 111.2% in the second quarter. Iridian Asset Management LLC CT now owns 3,603,621 shares of the basic materials company’s stock valued at $90,811,000 after acquiring an additional 1,897,390 shares during the last quarter. Invesco Ltd. increased its stake in Allegheny Technologies by 46.5% in the second quarter. Invesco Ltd. now owns 3,504,894 shares of the basic materials company’s stock valued at $88,323,000 after acquiring an additional 1,111,943 shares during the last quarter. Norges Bank bought a new position in Allegheny Technologies in the fourth quarter valued at $21,181,000. Northern Trust Corp increased its stake in Allegheny Technologies by 34.4% in the second quarter. Northern Trust Corp now owns 3,031,048 shares of the basic materials company’s stock valued at $76,382,000 after acquiring an additional 775,079 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased 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 valued at $96,329,000 after acquiring an additional 591,706 shares during the last quarter.

About Allegheny Technologies

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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