Allegheny Technologies Sees Unusually Large Options Volume (ATI)

Allegheny Technologies Incorporated (NYSE:ATI) was the target of unusually large options trading activity on Monday. Traders acquired 8,678 call options on the company. This is an increase of approximately 2,184% compared to the typical daily volume of 380 call options.

Several large investors have recently modified their holdings of ATI. First Trust Advisors LP increased its holdings in shares of Allegheny Technologies by 96.0% in the 3rd quarter. First Trust Advisors LP now owns 67,288 shares of the basic materials company’s stock worth $1,608,000 after buying an additional 32,956 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Allegheny Technologies in the 3rd quarter worth $213,000. Rhumbline Advisers increased its holdings in shares of Allegheny Technologies by 4.4% in the 3rd quarter. Rhumbline Advisers now owns 239,639 shares of the basic materials company’s stock worth $5,727,000 after buying an additional 9,991 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Allegheny Technologies in the 3rd quarter worth $215,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Allegheny Technologies by 90.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,308,042 shares of the basic materials company’s stock worth $31,264,000 after buying an additional 622,591 shares during the last quarter.

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ATI has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Allegheny Technologies from a “hold” rating to a “sell” rating in a report on Monday, January 15th. Cowen raised shares of Allegheny Technologies from a “market perform” rating to an “outperform” rating in a report on Monday, January 8th. Bank of America raised shares of Allegheny Technologies from a “neutral” rating to a “buy” rating and upped their target price for the stock from $25.61 to $32.00 in a report on Friday, March 2nd. They noted that the move was a valuation call. Buckingham Research upped their target price on shares of Allegheny Technologies from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Finally, JPMorgan Chase & Co. upped their target price on shares of Allegheny Technologies from $18.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $27.44.

ATI stock opened at $25.84 on Wednesday. The company has a market cap of $3,402.90, a price-to-earnings ratio of -30.05 and a beta of 2.37. Allegheny Technologies has a twelve month low of $14.54 and a twelve month high of $30.25. The company has a quick ratio of 1.04, a current ratio of 2.69 and a debt-to-equity ratio of 0.83.

Allegheny Technologies (NYSE:ATI) last issued its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.12. The firm had revenue of $909.90 million for the quarter, compared to analyst estimates of $898.22 million. Allegheny Technologies had a negative net margin of 2.61% and a positive return on equity of 3.47%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) EPS. equities research analysts expect that Allegheny Technologies will post 1.26 earnings per share for the current fiscal year.

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About Allegheny Technologies

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts.

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