Allegheny Technologies Incorporated (NYSE:ATI) had its price target increased by equities research analysts at Deutsche Bank from $10.00 to $13.00 in a note issued to investors on Wednesday, MarketBeat.com reports. The firm presently has a “hold” rating on the stock. Deutsche Bank’s price objective suggests a potential downside of 26.01% from the company’s current price.
Shares of Allegheny Technologies (NYSE:ATI) traded down 8.42% during midday trading on Wednesday, hitting $16.09. 1,352,283 shares of the company’s stock traded hands. The company has a 50 day moving average of $13.34 and a 200 day moving average of $13.31. Allegheny Technologies has a 52 week low of $7.08 and a 52 week high of $37.76. The stock’s market cap is $1.76 billion.
Allegheny Technologies (NYSE:ATI) last released its earnings results on Tuesday, January 26th. The company reported ($0.56) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.08. During the same period in the prior year, the business posted $0.18 EPS. The firm earned $739 million during the quarter, compared to the consensus estimate of $837.86 million. The company’s revenue was down 29.5% on a year-over-year basis. On average, equities analysts forecast that Allegheny Technologies will post ($0.60) EPS for the current fiscal year.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, December 8th. Rosenblatt Securities upgraded Allegheny Technologies from a “neutral” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Friday, December 11th. Cowen and Company restated a “market perform” rating and set a $13.00 price objective (down from $18.00) on shares of Allegheny Technologies in a research note on Thursday, January 7th. Bank of America restated an “underperform” rating and set a $9.00 price objective on shares of Allegheny Technologies in a research note on Friday, January 15th. Finally, Sterne Agee CRT reduced their price objective on Allegheny Technologies from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, January 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $17.86.
Several hedge funds and institutional investors have modified their holdings of the stock. First Mercantile Trust Co. raised its position in shares of Allegheny Technologies by 40.0% in the fourth quarter. First Mercantile Trust Co. now owns 48,559 shares of the company’s stock worth $546,000 after buying an additional 13,884 shares during the period. Creative Planning raised its position in shares of Allegheny Technologies by 5.4% in the fourth quarter. Creative Planning now owns 100,786 shares of the company’s stock worth $1,134,000 after buying an additional 5,169 shares during the period. Quantitative Investment Management LLC raised its position in shares of Allegheny Technologies by 400.0% in the fourth quarter. Quantitative Investment Management LLC now owns 108,500 shares of the company’s stock worth $1,220,000 after buying an additional 86,800 shares during the period. Farmers & Merchants Investments Inc. raised its position in shares of Allegheny Technologies by 4.5% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 109,912 shares of the company’s stock worth $1,237,000 after buying an additional 4,753 shares during the period. Finally, River Wealth Advisors acquired a new position in shares of Allegheny Technologies during the fourth quarter worth approximately $1,315,000.
Allegheny Technologies Incorporated is a specialty materials and components producer. The Company’s standard products include specialty stainless sheet, stainless steel sheet and stainless steel plate. It operates through two business segments: High Performance Materials & Components and Flat Rolled Products.
