Brokerages expect that Allegheny Technologies Incorporated (NYSE:ATI) will report sales of $611.35 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Allegheny Technologies’ earnings, with the lowest sales estimate coming in at $600.00 million and the highest estimate coming in at $622.70 million. Allegheny Technologies posted sales of $955.50 million in the same quarter last year, which suggests a negative year-over-year growth rate of 36%. The company is scheduled to announce its next quarterly earnings results on Tuesday, May 4th.
According to Zacks, analysts expect that Allegheny Technologies will report full year sales of $2.71 billion for the current year, with estimates ranging from $2.60 billion to $2.89 billion. For the next year, analysts anticipate that the firm will post sales of $2.99 billion, with estimates ranging from $2.91 billion to $3.07 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Allegheny Technologies.
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Wednesday, January 27th. The basic materials company reported ($0.33) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.03. Allegheny Technologies had a positive return on equity of 1.32% and a negative net margin of 11.82%. The firm had revenue of $658.30 million for the quarter, compared to analyst estimates of $599.41 million. During the same period last year, the firm posted $0.36 earnings per share. The business’s revenue for the quarter was down 35.4% on a year-over-year basis.
Shares of ATI stock traded up $0.50 during mid-day trading on Friday, reaching $20.26. 1,172,962 shares of the stock traded hands, compared to its average volume of 1,466,747. The stock’s fifty day simple moving average is $18.83 and its two-hundred day simple moving average is $13.78. Allegheny Technologies has a 1-year low of $4.95 and a 1-year high of $22.05. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -6.39 and a beta of 1.93. The company has a quick ratio of 1.86, a current ratio of 3.70 and a debt-to-equity ratio of 0.83.
In other Allegheny Technologies news, CFO Donald P. Newman bought 12,500 shares of the stock in a transaction on Thursday, December 10th. The stock was acquired at an average cost of $16.83 per share, for a total transaction of $210,375.00. Following the completion of the acquisition, the chief financial officer now owns 80 shares in the company, valued at approximately $1,346.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.74% of the company’s stock.
A number of hedge funds have recently modified their holdings of ATI. BlackRock Inc. increased its holdings in Allegheny Technologies by 18.0% in the third quarter. BlackRock Inc. now owns 18,864,140 shares of the basic materials company’s stock worth $164,496,000 after purchasing an additional 2,876,167 shares in the last quarter. Norges Bank bought a new stake in shares of Allegheny Technologies during the fourth quarter valued at approximately $25,705,000. Victory Capital Management Inc. increased its holdings in shares of Allegheny Technologies by 6,792.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,409,380 shares of the basic materials company’s stock valued at $23,635,000 after acquiring an additional 1,388,931 shares in the last quarter. State Street Corp increased its holdings in shares of Allegheny Technologies by 16.1% during the third quarter. State Street Corp now owns 7,429,020 shares of the basic materials company’s stock valued at $64,781,000 after acquiring an additional 1,031,465 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Allegheny Technologies by 130.4% during the third quarter. Principal Financial Group Inc. now owns 906,459 shares of the basic materials company’s stock valued at $7,904,000 after acquiring an additional 512,958 shares in the last quarter. Institutional investors and hedge funds own 92.91% of the company’s stock.
Allegheny Technologies Company Profile
Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates in two segments, High Performance Materials & Components and Advanced Alloys & Solutions. The company produces high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in long product forms of ingots, billets, bars, rods, wires, and shapes and rectangles, as well as seamless tubes, plus precision forgings, castings, components, and machined parts to the aerospace and defense, medical, oil and gas, and electrical energy markets.
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