Allegheny Technologies Incorporated (NYSE:ATI) Cut to Sell at Zacks Investment Research

Allegheny Technologies Incorporated (NYSE:ATI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, July 17th.

According to Zacks, “Annual estimates for Allegheny have been going down lately. Allegheny has underperformed the Steel-Specialty Alloys industry over the past three months. The company remains exposed to certain challenges in its core Flat Rolled Products segment including weakness across some major end-use markets. Depressed oil prices are also expected to hurt demand for Allegheny's products in the oil and gas market in the short haul.”

ATI has been the topic of several other reports. Deutsche Bank AG decreased their target price on shares of Allegheny Technologies from $21.50 to $20.00 and set a “hold” rating on the stock in a research note on Tuesday, March 21st. BidaskClub downgraded shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Cowen and Company lifted their target price on shares of Allegheny Technologies from $15.00 to $18.00 and gave the stock a “market perform” rating in a research note on Monday, April 17th. Longbow Research assumed coverage on shares of Allegheny Technologies in a research note on Tuesday, March 21st. They issued a “buy” rating and a $24.00 target price on the stock. Finally, Berenberg Bank raised shares of Allegheny Technologies from a “sell” rating to a “hold” rating and lifted their target price for the stock from $16.10 to $17.20 in a research note on Monday, April 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. Allegheny Technologies has a consensus rating of “Hold” and a consensus price target of $19.65.

Allegheny Technologies (NYSE:ATI) traded up 0.54% during midday trading on Monday, hitting $18.55. 863,494 shares of the stock were exchanged. The company’s 50 day moving average is $17.40 and its 200-day moving average is $17.91. The stock’s market cap is $2.02 billion. Allegheny Technologies has a 1-year low of $13.15 and a 1-year high of $23.69.

Allegheny Technologies (NYSE:ATI) last issued its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. Allegheny Technologies had a negative net margin of 14.89% and a positive return on equity of 0.08%. The company had revenue of $880.20 million for the quarter, compared to the consensus estimate of $874.95 million. During the same period in the previous year, the firm earned ($0.21) earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts expect that Allegheny Technologies will post ($1.00) earnings per share for the current year.

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A number of hedge funds have recently added to or reduced their stakes in the stock. Neuburgh Advisers LLC boosted its stake in Allegheny Technologies by 1.1% in the first quarter. Neuburgh Advisers LLC now owns 6,528 shares of the basic materials company’s stock valued at $117,000 after buying an additional 68 shares during the period. State Treasurer State of Michigan boosted its stake in Allegheny Technologies by 0.7% in the first quarter. State Treasurer State of Michigan now owns 44,200 shares of the basic materials company’s stock valued at $794,000 after buying an additional 300 shares during the period. Advantus Capital Management Inc boosted its stake in Allegheny Technologies by 2.9% in the first quarter. Advantus Capital Management Inc now owns 13,926 shares of the basic materials company’s stock valued at $250,000 after buying an additional 388 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Allegheny Technologies by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 38,146 shares of the basic materials company’s stock valued at $685,000 after buying an additional 500 shares during the period. Finally, Mason Street Advisors LLC boosted its stake in shares of Allegheny Technologies by 1.1% in the first quarter. Mason Street Advisors LLC now owns 51,383 shares of the basic materials company’s stock worth $923,000 after buying an additional 544 shares during the period. Institutional investors and hedge funds own 96.61% of the company’s stock.

About Allegheny Technologies

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.

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