JPMorgan Chase & Co. Raises ATI (NYSE:ATI) Price Target to $92.00

Key Points

• JPMorgan Chase & Co. has raised its price target for Allegheny Technologies Inc. (ATI) from $75.00 to $92.00, indicating a potential upside of 20.66% from the stock's previous close.
• Other brokerages have also issued mixed ratings for ATI, with Citigroup upgrading to "positive" and Benchmark maintaining a "buy" rating with a target of $81.00.
• ATI reported $0.74 earnings per share for the last quarter, exceeding analyst expectations, and indicated a 4.1% year-over-year revenue growth.

ATI (NYSE:ATI - Get Free Report) had its price target boosted by analysts at JPMorgan Chase & Co. from $75.00 to $92.00 in a report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 20.66% from the company's previous close.

Several other brokerages also recently issued reports on ATI. Citigroup upgraded shares of ATI to a "positive" rating in a research note on Tuesday, May 20th. Benchmark reiterated a "buy" rating and set a $81.00 price target on shares of ATI in a research note on Monday, April 21st. Deutsche Bank Aktiengesellschaft set a $115.00 price target on shares of ATI and gave the stock a "hold" rating in a research note on Tuesday, July 8th. KeyCorp downgraded shares of ATI from an "overweight" rating to a "sector weight" rating in a research note on Tuesday, May 20th. Finally, Susquehanna decreased their price target on shares of ATI from $105.00 to $100.00 and set a "positive" rating on the stock in a research note on Friday. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $89.00.

ATI Stock Performance

ATI stock traded down $0.70 during midday trading on Friday, hitting $76.25. 1,430,129 shares of the company traded hands, compared to its average volume of 2,061,713. ATI has a twelve month low of $39.23 and a twelve month high of $96.20. The company has a quick ratio of 1.30, a current ratio of 2.53 and a debt-to-equity ratio of 0.86. The business has a 50 day simple moving average of $85.95 and a 200-day simple moving average of $67.18. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 1.25 and a beta of 1.13.

ATI (NYSE:ATI - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.02. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.15 billion. ATI had a net margin of 8.93% and a return on equity of 21.37%. ATI's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. As a group, equities research analysts predict that ATI will post 2.89 earnings per share for the current year.

Insider Transactions at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 50,000 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $68.18, for a total transaction of $3,409,000.00. Following the transaction, the chairman directly owned 506,538 shares in the company, valued at approximately $34,535,760.84. This represents a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 195,359 shares of company stock worth $15,103,486. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of ATI

A number of institutional investors and hedge funds have recently modified their holdings of ATI. WPG Advisers LLC bought a new stake in shares of ATI in the 1st quarter valued at about $29,000. Golden State Wealth Management LLC increased its stake in shares of ATI by 104.1% in the 1st quarter. Golden State Wealth Management LLC now owns 596 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 304 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in ATI by 79.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 386 shares of the basic materials company's stock worth $33,000 after purchasing an additional 171 shares in the last quarter. Signaturefd LLC increased its stake in ATI by 117.7% during the 2nd quarter. Signaturefd LLC now owns 381 shares of the basic materials company's stock worth $33,000 after purchasing an additional 206 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in ATI by 139.9% during the 1st quarter. Bessemer Group Inc. now owns 662 shares of the basic materials company's stock worth $34,000 after purchasing an additional 386 shares in the last quarter.

ATI Company Profile

ATI Inc produces and sells specialty materials and complex components worldwide. It 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, metallic powder alloys, 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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