Allegheny Technologies Incorporated (ATI) is Upgraded by BofA/Merrill to Buy

Allegheny Technologies Incorporated (ATI) was Upgraded by BofA/Merrill to ” Buy”. Earlier the firm had a rating of “Underperform ” on the company shares. BofA/Merrill advised their investors in a research report released on May 23, 2016.

Many Wall Street Analysts have commented on Allegheny Technologies Incorporated. Company shares were Reiterated by Deutsche Bank on Mar 23, 2016 to “Hold”, Firm has raised the Price Target to $ 13 from a previous price target of $10 .Allegheny Technologies Incorporated was Initiated by Berenberg to “Hold” on Mar 3, 2016.

On the company’s financial health, Allegheny Technologies Incorporated reported $-0.58 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus of $-0.56. The company had revenue of $757.50 million for the quarter, compared to analysts expectations of $796.57 million. The company’s revenue was down -32.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.09 EPS.

Allegheny Technologies Incorporated closed down -0.02 points or -0.18% at $11.23 with 41,89,238 shares getting traded on Friday. Post opening the session at $11.4, the shares hit an intraday low of $11.06 and an intraday high of $11.435 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Investors should note that on May 6, 2016, Allegheny Technologies Incorporated announced a cash dividend of $0.0800. The company’s management has announced May 25, 2016 as the ex-dividend date and fixed the record date on May 27, 2016. The payable date has been fixed on Jun 9, 2016.

In a different news, on Dec 18, 2015, Elizabeth C Powers (Senior VP, CHRO) purchased 5,000 shares at $10.43 per share price. According to the SEC, on Oct 29, 2015, Elliot S Davis (Sr VP, GC, CCO and Secretary) purchased 2,000 shares at $14.36 per share price. On Oct 29, 2015, Richard J Harshman (CEO) purchased 17,500 shares at $14.55 per share price, according to the Form-4 filing with the securities and exchange commission.

Allegheny Technologies Incorporated is a specialty materials and components producer. The Company’s standard products include specialty stainless sheet stainless steel sheet and stainless steel plate. It operates through two business segments: High Performance Materials & Components and Flat Rolled Products. It’s High Performance Materials & Components segment produces converts and distributes high performance materials including titanium and titanium-based alloys nickel- and cobalt-based alloys and superalloys zirconium and related alloys. It’s Flat Rolled Products segment produces converts and distributes stainless steel nickel-based alloys specialty alloys and titanium and titanium-based alloys.

Allegheny Technologies Incorporated

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