Posted by admin on May 14th, 2022
Analysts forecast that Allegheny Technologies Incorporated (NYSE:ATI – Get Rating) will post earnings of $0.31 per share for the current quarter, according to Zacks. Three analysts have made estimates for Allegheny Technologies’ earnings, with estimates ranging from $0.20 to $0.38. Allegheny Technologies posted earnings per share of ($0.12) during the same quarter last year, which would indicate a positive year over year growth rate of 358.3%. The company is expected to report its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that Allegheny Technologies will report full year earnings of $1.26 per share for the current fiscal year, with EPS estimates ranging from $0.95 to $1.53. For the next fiscal year, analysts expect that the firm will post earnings of $1.67 per share, with EPS estimates ranging from $1.46 to $1.95. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that cover Allegheny Technologies.
Allegheny Technologies (NYSE:ATI – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.18. Allegheny Technologies had a net margin of 0.02% and a return on equity of 11.17%. The company had revenue of $834.10 million during the quarter, compared to analysts’ expectations of $748.04 million. During the same quarter in the prior year, the company posted ($0.06) EPS. The business’s revenue was up 20.4% on a year-over-year basis.
A number of equities research analysts recently issued reports on the stock. Benchmark increased their target price on shares of Allegheny Technologies from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, February 18th. KeyCorp increased their target price on shares of Allegheny Technologies from $28.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, April 4th. StockNews.com assumed coverage on shares of Allegheny Technologies in a research report on Thursday, March 31st. They set a “hold” rating for the company. TheStreet upgraded shares of Allegheny Technologies from a “d” rating to a “c-” rating in a research report on Wednesday, February 2nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Allegheny Technologies from $26.00 to $31.00 in a research report on Friday, February 18th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $26.11.
In other news, CMO Kevin B. Kramer sold 10,000 shares of the firm’s stock in a transaction dated Thursday, April 14th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the chief marketing officer now owns 160,338 shares of the company’s stock, valued at approximately $4,810,140. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.82% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Allegheny Technologies by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 14,083,087 shares of the basic materials company’s stock valued at $377,991,000 after purchasing an additional 267,434 shares during the last quarter. Capital International Investors boosted its stake in shares of Allegheny Technologies by 9.8% in the 4th quarter. Capital International Investors now owns 12,176,850 shares of the basic materials company’s stock valued at $193,977,000 after purchasing an additional 1,089,416 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Allegheny Technologies by 17.3% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,540,724 shares of the basic materials company’s stock worth $72,334,000 after acquiring an additional 669,769 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Allegheny Technologies by 9.1% during the 1st quarter. Fisher Asset Management LLC now owns 2,608,557 shares of the basic materials company’s stock worth $70,014,000 after acquiring an additional 217,126 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Allegheny Technologies by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,129,087 shares of the basic materials company’s stock worth $35,406,000 after acquiring an additional 23,250 shares during the last quarter.
Shares of ATI stock opened at $25.73 on Friday. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -643.25 and a beta of 1.28. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.25 and a current ratio of 2.61. The firm has a fifty day moving average of $27.31 and a 200-day moving average of $21.71. Allegheny Technologies has a 52-week low of $13.85 and a 52-week high of $30.74.
Allegheny Technologies announced that its board has authorized a stock repurchase plan on Wednesday, February 2nd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
About Allegheny Technologies (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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