Allegheny Technologies Incorporated (NYSE:ATI) Forecasted to Earn Q1 2022 Earnings of $0.23 Per Share

Allegheny Technologies Incorporated (NYSE:ATIGet Rating) – Research analysts at Seaport Res Ptn increased their Q1 2022 earnings per share estimates for shares of Allegheny Technologies in a research report issued to clients and investors on Thursday, April 21st. Seaport Res Ptn analyst R. Safran now expects that the basic materials company will post earnings of $0.23 per share for the quarter, up from their previous forecast of $0.19. Seaport Res Ptn also issued estimates for Allegheny Technologies’ Q2 2022 earnings at $0.29 EPS, Q3 2022 earnings at $0.31 EPS, FY2022 earnings at $1.16 EPS, Q1 2023 earnings at $0.34 EPS, Q2 2023 earnings at $0.37 EPS, Q3 2023 earnings at $0.41 EPS and Q4 2023 earnings at $0.49 EPS.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Allegheny Technologies from $26.00 to $31.00 in a research note on Friday, February 18th. Benchmark increased their price target on shares of Allegheny Technologies from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, February 18th. Berenberg Bank raised shares of Allegheny Technologies from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday, January 7th. KeyCorp upped their price objective on shares of Allegheny Technologies from $28.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, April 4th. Finally, TheStreet upgraded shares of Allegheny Technologies from a “d” rating to a “c-” rating in a report on Wednesday, February 2nd. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $26.11.

Shares of NYSE:ATI opened at $28.56 on Friday. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -86.88 and a beta of 1.38. The company has a 50-day moving average price of $26.63 and a 200-day moving average price of $20.55. 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 has a 12 month low of $13.85 and a 12 month high of $30.74.

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

Allegheny Technologies declared that its board has authorized a stock buyback program on Wednesday, February 2nd that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In related news, CMO Kevin B. Kramer sold 10,000 shares of the firm’s stock in a transaction that occurred 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 legal filing with the SEC, which is available at this link. Company insiders own 0.82% of the company’s stock.

A number of hedge funds have recently modified their holdings of ATI. First Trust Advisors LP purchased a new stake in Allegheny Technologies in the first quarter worth approximately $3,043,000. State of New Jersey Common Pension Fund D boosted its holdings in Allegheny Technologies by 34.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 144,980 shares of the basic materials company’s stock worth $2,411,000 after purchasing an additional 37,207 shares during the last quarter. Commonwealth Equity Services LLC bought a new position in Allegheny Technologies in the third quarter worth approximately $175,000. Maryland State Retirement & Pension System bought a new position in Allegheny Technologies in the third quarter worth approximately $861,000. Finally, Victory Capital Management Inc. raised its position in Allegheny Technologies by 37.0% in the third quarter. Victory Capital Management Inc. now owns 2,039,837 shares of the basic materials company’s stock worth $33,922,000 after acquiring an additional 551,144 shares during the period.

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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