Analysts Anticipate Allegheny Technologies Incorporated (NYSE:ATI) to Announce $0.22 Earnings Per Share

Brokerages expect Allegheny Technologies Incorporated (NYSE:ATIGet Rating) to post earnings per share (EPS) of $0.22 for the current quarter, Zacks reports. Three analysts have provided estimates for Allegheny Technologies’ earnings. The lowest EPS estimate is $0.20 and the highest is $0.24. Allegheny Technologies reported earnings of ($0.06) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 466.7%. The business is expected to report its next earnings results before the market opens on Monday, January 1st.

On average, analysts expect that Allegheny Technologies will report full-year earnings of $1.05 per share for the current financial year, with EPS estimates ranging from $0.95 to $1.16. For the next year, analysts anticipate that the business will report earnings of $1.60 per share, with EPS estimates ranging from $1.46 to $1.73. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Allegheny Technologies.

Allegheny Technologies (NYSE:ATIGet Rating) last released its earnings results on Wednesday, February 2nd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.14. The firm had revenue of $765.40 million during the quarter, compared to analysts’ expectations of $723.20 million. Allegheny Technologies had a positive return on equity of 2.46% and a negative net margin of 1.36%. The company’s revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.33) EPS.

A number of research firms have issued reports on ATI. TheStreet upgraded Allegheny Technologies from a “d” rating to a “c-” rating in a report on Wednesday, February 2nd. Berenberg Bank upgraded Allegheny Technologies from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Friday, January 7th. JPMorgan Chase & Co. increased their target price on Allegheny Technologies from $26.00 to $31.00 in a report on Friday, February 18th. Benchmark raised their price objective on Allegheny Technologies from $26.00 to $30.00 and gave the company a “buy” rating in a report on Friday, February 18th. Finally, Barclays raised their price objective on Allegheny Technologies from $23.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 7th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $26.11.

In related news, CMO Kevin B. Kramer sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 7th. The shares were sold at an average price of $27.00, for a total value of $270,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.82% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Strs Ohio acquired a new stake in Allegheny Technologies during the first quarter worth approximately $185,000. Inspire Investing LLC acquired a new stake in Allegheny Technologies during the first quarter worth approximately $233,000. Centre Asset Management LLC lifted its position in Allegheny Technologies by 57.6% during the first quarter. Centre Asset Management LLC now owns 242,934 shares of the basic materials company’s stock worth $6,520,000 after acquiring an additional 88,834 shares during the last quarter. Maryland State Retirement & Pension System lifted its position in 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 acquiring an additional 647 shares during the last quarter. Finally, Everence Capital Management Inc. acquired a new stake in Allegheny Technologies during the first quarter worth approximately $356,000.

ATI stock traded down $0.55 during trading hours on Friday, reaching $28.56. 1,312,989 shares of the stock were exchanged, compared to its average volume of 2,417,916. The firm’s 50-day moving average is $26.72 and its 200-day moving average is $20.63. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -86.55 and a beta of 1.38. The company has a debt-to-equity ratio of 2.06, a current ratio of 2.69 and a quick ratio of 1.47. Allegheny Technologies has a 12 month low of $13.85 and a 12 month high of $30.74.

Allegheny Technologies announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 2nd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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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Earnings History and Estimates for Allegheny Technologies (NYSE:ATI)

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