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Wall Street analysts forecast that Allegheny Technologies Incorporated (NYSE:ATI - Get Rating) will announce earnings of $0.31 per share for the current quarter, according to Zacks. Three analysts have issued estimates for Allegheny Technologies' earnings. The highest EPS estimate is $0.38 and the lowest is $0.20. Allegheny Technologies reported earnings of ($0.12) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 358.3%. The firm is scheduled to report its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Allegheny Technologies will report full year earnings of $1.26 per share for the current year, with EPS estimates ranging from $0.95 to $1.53. For the next financial year, analysts expect that the business will post earnings of $1.67 per share, with EPS estimates ranging from $1.46 to $1.95. Zacks Investment Research's EPS calculations are a mean average based on a survey of research firms that follow Allegheny Technologies.
Allegheny Technologies (NYSE:ATI - Get Rating) last issued its quarterly earnings results on Wednesday, May 4th. The basic materials company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.22 by $0.18. Allegheny Technologies had a net margin of 0.02% and a return on equity of 11.17%. The firm had revenue of $834.10 million during the quarter, compared to analyst estimates of $748.04 million. During the same quarter in the prior year, the business posted ($0.06) earnings per share. Allegheny Technologies's revenue for the quarter was up 20.4% compared to the same quarter last year.
Several research firms have issued reports on ATI. Benchmark boosted their price objective on shares of Allegheny Technologies from $26.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, February 18th. TheStreet upgraded shares of Allegheny Technologies from a "d" rating to a "c-" rating in a research note on Wednesday, February 2nd. KeyCorp boosted their price objective on shares of Allegheny Technologies from $28.00 to $31.00 and gave the stock an "overweight" rating in a research note on Monday, April 4th. JPMorgan Chase & Co. boosted their price objective on shares of Allegheny Technologies from $26.00 to $31.00 in a research note on Friday, February 18th. Finally, StockNews.com initiated coverage on shares of Allegheny Technologies in a research note on Thursday, March 31st. They set a "hold" rating for the company. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $26.11.
ATI opened at $25.73 on Friday. The company has a quick ratio of 1.25, a current ratio of 2.61 and a debt-to-equity ratio of 2.15. Allegheny Technologies has a 52-week low of $13.85 and a 52-week high of $30.74. The company has a 50 day moving average of $27.31 and a two-hundred day moving average of $21.71. The company has a market cap of $3.19 billion, a P/E ratio of -643.25 and a beta of 1.28.
Allegheny Technologies announced that its board has initiated a stock repurchase plan on Wednesday, February 2nd that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
In related news, CMO Kevin B. Kramer sold 10,000 shares of the company's stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the chief marketing officer now directly owns 160,338 shares of the company's stock, valued at $4,810,140. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.82% of the company's stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Huntington National Bank raised its holdings in Allegheny Technologies by 18.0% in the fourth quarter. Huntington National Bank now owns 3,280 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 501 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Allegheny Technologies by 5.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 10,248 shares of the basic materials company's stock worth $163,000 after purchasing an additional 554 shares during the period. Maryland State Retirement & Pension System raised its holdings in shares of Allegheny Technologies by 1.3% during the first quarter. Maryland State Retirement & Pension System now owns 51,027 shares of the basic materials company's stock worth $1,370,000 after purchasing an additional 647 shares during the period. Strategic Wealth Advisors Group LLC raised its holdings in shares of Allegheny Technologies by 5.0% during the fourth quarter. Strategic Wealth Advisors Group LLC now owns 13,716 shares of the basic materials company's stock worth $219,000 after purchasing an additional 650 shares during the period. Finally, LPL Financial LLC raised its holdings in shares of Allegheny Technologies by 5.5% during the third quarter. LPL Financial LLC now owns 15,740 shares of the basic materials company's stock worth $262,000 after purchasing an additional 823 shares during the period.
Allegheny Technologies Company Profile (Get Rating)
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates in two segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC segment produces various materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, as well as precision forgings, components, and machined parts.
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