Allegheny Technologies Incorporated (ATI) Rating Increased to Buy at Bank of America Corporation

Bank of America Corporation upgraded shares of Allegheny Technologies Incorporated (NYSE:ATI) from an underperform rating to a buy rating in a report published on Monday, September 11th, Marketbeat reports. Bank of America Corporation currently has $24.00 price objective on the basic materials company’s stock, up from their previous price objective of $16.00.

Several other research analysts have also recently issued reports on ATI. BidaskClub raised Allegheny Technologies from a sell rating to a hold rating in a research report on Wednesday, August 2nd. Zacks Investment Research raised Allegheny Technologies from a sell rating to a hold rating in a research report on Monday, August 7th. Longbow Research reissued a buy rating and issued a $24.00 target price on shares of Allegheny Technologies in a research report on Wednesday, August 23rd. Finally, J P Morgan Chase & Co raised Allegheny Technologies from an underweight rating to a neutral rating and upped their target price for the company from $14.50 to $19.00 in a research report on Wednesday, July 26th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Allegheny Technologies currently has an average rating of Hold and a consensus price target of $20.65.

Shares of Allegheny Technologies (NYSE:ATI) opened at 22.74 on Monday. The firm’s market cap is $2.48 billion. The firm has a 50-day moving average price of $20.09 and a 200 day moving average price of $17.92. Allegheny Technologies has a one year low of $13.15 and a one year high of $24.00.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.02. The company had revenue of $880.20 million for the quarter, compared to the consensus estimate of $874.95 million. Allegheny Technologies had a positive return on equity of 0.08% and a negative net margin of 14.89%. Allegheny Technologies’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.21) EPS. On average, analysts forecast that Allegheny Technologies will post ($1.00) earnings per share for the current fiscal year.

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Institutional investors have recently bought and sold shares of the business. LMR Partners LLP acquired a new stake in Allegheny Technologies during the 2nd quarter worth approximately $493,000. NorthRock Partners LLC acquired a new stake in Allegheny Technologies during the 1st quarter worth approximately $746,000. Neuberger Berman Group LLC lifted its position in Allegheny Technologies by 50.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,472,402 shares of the basic materials company’s stock worth $25,046,000 after acquiring an additional 492,540 shares during the period. Sei Investments Co. lifted its position in Allegheny Technologies by 82.9% during the 1st quarter. Sei Investments Co. now owns 374,519 shares of the basic materials company’s stock worth $6,726,000 after acquiring an additional 169,767 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Allegheny Technologies by 11.7% during the 1st quarter. Victory Capital Management Inc. now owns 2,407,572 shares of the basic materials company’s stock worth $43,240,000 after acquiring an additional 251,914 shares during the period. 96.61% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Allegheny Technologies (NYSE:ATI)

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