Allegheny Technologies Incorporated (NYSE:ATI) Expected to Announce Quarterly Sales of $733.96 Million

Analysts expect Allegheny Technologies Incorporated (NYSE:ATI) to announce $733.96 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 $785.10 million and the lowest estimate coming in at $691.79 million. Allegheny Technologies reported sales of $658.30 million in the same quarter last year, which indicates a positive year-over-year growth rate of 11.5%. The company is scheduled to report its next earnings report before the market opens on Wednesday, February 2nd.

According to Zacks, analysts expect that Allegheny Technologies will report full year sales of $2.77 billion for the current fiscal year, with estimates ranging from $2.73 billion to $2.82 billion. For the next financial year, analysts anticipate that the firm will report sales of $3.04 billion, with estimates ranging from $2.95 billion to $3.12 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Allegheny Technologies.

Allegheny Technologies (NYSE:ATI) last released its earnings results on Wednesday, October 27th. The basic materials company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.07. The firm had revenue of $725.70 million during the quarter, compared to analyst estimates of $675.60 million. Allegheny Technologies had a negative net margin of 41.94% and a negative return on equity of 9.26%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.38) EPS.

Several equities analysts recently weighed in on the stock. Cowen upgraded shares of Allegheny Technologies from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $22.00 to $23.00 in a report on Tuesday. Berenberg Bank upgraded shares of Allegheny Technologies from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Friday, January 7th. KeyCorp lowered their price objective on shares of Allegheny Technologies from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, December 21st. JPMorgan Chase & Co. raised shares of Allegheny Technologies from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $25.00 to $23.00 in a research report on Friday, October 15th. Finally, Wolfe Research started coverage on shares of Allegheny Technologies in a research report on Tuesday, November 16th. They issued a “market perform” rating and a $18.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $22.88.

Shares of Allegheny Technologies stock opened at $20.41 on Wednesday. The company has a quick ratio of 1.35, a current ratio of 2.23 and a debt-to-equity ratio of 2.48. Allegheny Technologies has a 1-year low of $13.85 and a 1-year high of $25.03. The firm’s 50-day moving average price is $16.26 and its two-hundred day moving average price is $17.59.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC grew its position in Allegheny Technologies by 2,742.1% during the third quarter. O Shaughnessy Asset Management LLC now owns 5,400 shares of the basic materials company’s stock valued at $90,000 after buying an additional 5,210 shares during the period. Commonwealth Equity Services LLC purchased a new stake in Allegheny Technologies during the third quarter valued at about $175,000. First Mercantile Trust Co. lifted its holdings in shares of Allegheny Technologies by 25.7% in the second quarter. First Mercantile Trust Co. now owns 9,197 shares of the basic materials company’s stock worth $192,000 after buying an additional 1,883 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Allegheny Technologies in the third quarter worth about $213,000. Finally, Advisor Group Holdings Inc. lifted its holdings in shares of Allegheny Technologies by 269.6% in the third quarter. Advisor Group Holdings Inc. now owns 13,176 shares of the basic materials company’s stock worth $219,000 after buying an additional 9,611 shares in the last quarter.

About Allegheny Technologies

Allegheny Technologies, Inc engages in the manufacture of specialty materials and components. It operates through the High Performance Materials and Components (HPMC) and Advanced Alloys & Solutions (AA&S) segments. The HPMC segment consists of the production of materials, parts, and components for aerospace and defense, medical, and energy markets.

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

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