FY2023 Earnings Forecast for Allegheny Technologies Incorporated Issued By KeyCorp (NYSE:ATI)

Allegheny Technologies Incorporated (NYSE:ATI – Get Rating) – KeyCorp lifted their FY2023 EPS estimates for Allegheny Technologies in a research report issued to clients and investors on Wednesday, May 4th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will earn $1.95 per share for the year, up from their previous estimate of $1.73. KeyCorp has a “Overweight” rating and a $31.00 price objective on the stock.

Allegheny Technologies (NYSE:ATI – Get Rating) last announced its earnings results on Wednesday, May 4th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.22. Allegheny Technologies had a positive return on equity of 2.46% and a negative net margin of 1.36%. The company had revenue of $834.10 million for the quarter, compared to analyst estimates of $748.04 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. Allegheny Technologies’s revenue for the quarter was up 20.4% compared to the same quarter last year.

ATI has been the topic of a number of other research reports. Benchmark increased their price target on Allegheny Technologies from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, February 18th. TheStreet upgraded shares of Allegheny Technologies from a “d” rating to a “c-” rating in a research report on Wednesday, February 2nd. Barclays lifted their price target on shares of Allegheny Technologies from $23.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 7th. JPMorgan Chase & Co. boosted their price objective on shares of Allegheny Technologies from $26.00 to $31.00 in a research report on Friday, February 18th. Finally, Berenberg Bank raised shares of Allegheny Technologies from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Friday, January 7th. Three 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $26.11.

Allegheny Technologies stock traded down $0.65 during trading hours on Friday, hitting $25.97. The stock had a trading volume of 15,259 shares, compared to its average volume of 1,536,805. Allegheny Technologies has a fifty-two week low of $13.85 and a fifty-two week high of $30.74. The company has a 50-day moving average of $27.33 and a two-hundred day moving average of $21.30. The company has a current ratio of 2.69, a quick ratio of 1.47 and a debt-to-equity ratio of 2.06.

Allegheny Technologies declared that its Board of Directors has authorized a share repurchase 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 reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other news, CMO Kevin B. Kramer sold 10,000 shares of the stock in a transaction on 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 SEC, which is available at this link. 0.82% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Huntington National Bank boosted its position in shares of Allegheny Technologies by 18.0% during the 4th quarter. Huntington National Bank now owns 3,280 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 501 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Allegheny Technologies by 5.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 10,248 shares of the basic materials company’s stock valued at $163,000 after purchasing an additional 554 shares in the last quarter. Advisory Services Network LLC boosted its holdings in shares of Allegheny Technologies by 2.6% in the third quarter. Advisory Services Network LLC now owns 22,145 shares of the basic materials company’s stock valued at $368,000 after acquiring an additional 570 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of 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 purchasing an additional 647 shares during the last quarter. Finally, Strategic Wealth Advisors Group LLC raised its stake in shares of Allegheny Technologies by 5.0% during the fourth quarter. Strategic Wealth Advisors Group LLC now owns 13,716 shares of the basic materials company’s stock worth $219,000 after purchasing an additional 650 shares during the last quarter.

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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