In a report released today, Gautam Khanna from Cowen & Co. maintained a Buy rating on Allegheny Technologies (ATI), with a price target of $9.00. The company’s shares closed last Friday at $6.91, close to its 52-week low of $4.95.
According to TipRanks.com, Khanna is a 4-star analyst with an average return of 4.1% and a 57.9% success rate. Khanna covers the Technology sector, focusing on stocks such as L3Harris Technologies, Huntington Ingalls, and General Electric.
Currently, the analyst consensus on Allegheny Technologies is a Hold with an average price target of $10.50.
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Based on Allegheny Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $956 million and net profit of $21.1 million. In comparison, last year the company earned revenue of $1 billion and had a net profit of $15 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ATI in relation to earlier this year.
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Allegheny Technologies, Inc. engages in the manufacture of specialty materials and components for different industries which include aerospace and defense, oil and gas, chemical process, and electrical energy. It operates through the High Performance Materials and Components (HPMC) and Flat Rolled Products (FRP) segments. The HPMC segment includes production, conversion, and distribution of materials, including products from differentiated alloys, super alloys, and metallic powders. The FRP segment involves in the production, conversion and distribution of nickel-based alloys, specialty alloys, titanium and titanium-based alloys, and stainless steel in a variety of product forms including plate, sheet, engineered strip, and precision rolled strip. The company was founded on August 15, 1996 and is headquartered in Pittsburgh, PA.