Wall Street brokerages expect Allegheny Technologies Incorporated (NYSE:ATI - Get Rating) to announce $786.95 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Allegheny Technologies' earnings, with the highest sales estimate coming in at $831.00 million and the lowest estimate coming in at $753.00 million. Allegheny Technologies posted sales of $616.20 million in the same quarter last year, which suggests a positive year over year growth rate of 27.7%. The firm is expected to report its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that Allegheny Technologies will report full year sales of $3.26 billion for the current financial year, with estimates ranging from $3.08 billion to $3.51 billion. For the next financial year, analysts expect that the business will report sales of $3.57 billion, with estimates ranging from $3.54 billion to $3.58 billion. Zacks' sales averages are an average based on a survey of analysts that cover Allegheny Technologies.
Allegheny Technologies (NYSE:ATI - Get Rating) last issued 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. The company had revenue of $834.10 million during the quarter, compared to analysts' expectations of $748.04 million. Allegheny Technologies had a return on equity of 11.17% and a net margin of 0.02%. The business's revenue was up 20.4% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share.
A number of brokerages have recently weighed in on ATI. TheStreet upgraded Allegheny Technologies from a "d" rating to a "c-" rating in a research note on Wednesday, February 2nd. StockNews.com began coverage on Allegheny Technologies in a research note on Thursday, March 31st. They issued a "hold" rating for the company. JPMorgan Chase & Co. raised their target price on Allegheny Technologies from $26.00 to $31.00 in a research note on Friday, February 18th. Zacks Investment Research upgraded Allegheny Technologies from a "hold" rating to a "strong-buy" rating and set a $26.00 target price for the company in a research note on Tuesday, February 8th. Finally, KeyCorp lifted their price objective on Allegheny Technologies from $28.00 to $31.00 and gave the stock an "overweight" rating in a research report on Monday, April 4th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $26.11.
Shares of NYSE ATI opened at $25.73 on Monday. Allegheny Technologies has a 52-week low of $13.85 and a 52-week high of $30.74. The stock has a market cap of $3.19 billion, a PE 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 business has a fifty day moving average of $27.31 and a two-hundred day moving average of $21.79.
Allegheny Technologies declared that its Board of Directors has initiated a share buyback program on Wednesday, February 2nd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.
In other Allegheny Technologies news, CMO Kevin B. Kramer sold 10,000 shares of the firm's stock in a transaction dated Monday, March 7th. The stock was sold at an average price of $27.00, for a total transaction of $270,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.82% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in ATI. Bowen Hanes & Co. Inc. bought a new position in shares of Allegheny Technologies during the 1st quarter valued at about $40,221,000. Capital International Investors lifted its stake in 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 acquiring an additional 1,089,416 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Allegheny Technologies by 17.3% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,540,724 shares of the basic materials company's stock valued at $72,334,000 after acquiring an additional 669,769 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Allegheny Technologies in the 3rd quarter valued at approximately $10,773,000. Finally, Neuberger Berman Group LLC lifted its stake in Allegheny Technologies by 43.0% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,024,619 shares of the basic materials company's stock valued at $33,667,000 after acquiring an additional 609,259 shares in the last quarter.
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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