Could Allegheny Technologies Incorporated (ATI) Go Down After Reaching 52-Week High?

January 23, 2018 - By Migdalia James

Investors sentiment decreased to 0.86 in 2017 Q3. Its down 0.71, from 1.57 in 2017Q2. It worsened, as 28 investors sold Allegheny Technologies Incorporated shares while 87 reduced holdings. 44 funds opened positions while 55 raised stakes. 116.44 million shares or 0.85% less from 117.44 million shares in 2017Q2 were reported.
Fifth Third National Bank owns 0.01% invested in Allegheny Technologies Incorporated (NYSE:ATI) for 47,051 shares. Iridian Asset Ct stated it has 1.76% in Allegheny Technologies Incorporated (NYSE:ATI). Jfs Wealth Advisors Ltd Liability has 2,443 shares. 79,487 were reported by Texas Permanent School Fund. Tci Wealth Advisors Inc holds 0% or 388 shares. State Street reported 0.01% stake. Oppenheimer And invested in 22,889 shares. Tower Ltd Liability (Trc) stated it has 6,288 shares. Earnest Prtn Ltd Llc invested 0.56% of its portfolio in Allegheny Technologies Incorporated (NYSE:ATI). Chevy Chase Holding holds 119 shares or 0% of its portfolio. Gamco Invsts Et Al invested in 0.14% or 947,200 shares. Private Harbour Investment Management And Counsel Ltd Company reported 91,500 shares. Cubist Systematic Strategies Ltd Liability Corp holds 0.01% in Allegheny Technologies Incorporated (NYSE:ATI) or 7,569 shares. Weaver C Barksdale & Associate Inc reported 758 shares. Fruth Inv Mgmt owns 30,700 shares.

The stock of Allegheny Technologies Incorporated (NYSE:ATI) hit a new 52-week high and has $30.26 target or 3.00 % above today’s $29.38 share price. The 5 months bullish chart indicates low risk for the $3.20 billion company. The 1-year high was reported on Jan, 23 by Barchart.com. If the $30.26 price target is reached, the company will be worth $95.94M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 4.20% or $1.18 during the last trading session, reaching $29.38. About 1.46 million shares traded. Allegheny Technologies Incorporated (NYSE:ATI) has risen 40.09% since January 23, 2017 and is uptrending. It has outperformed by 23.39% the S&P500.

Allegheny Technologies Incorporated (NYSE:ATI) Ratings Coverage

Among 13 analysts covering Allegheny Tech (NYSE:ATI), 9 have Buy rating, 0 Sell and 4 Hold. Therefore 69% are positive. Allegheny Tech has $40 highest and $7 lowest target. $21.47’s average target is -26.92% below currents $29.38 stock price. Allegheny Tech had 36 analyst reports since July 21, 2015 according to SRatingsIntel. The rating was upgraded by Deutsche Bank to “Buy” on Monday, October 5. Rosenblatt upgraded Allegheny Technologies Incorporated (NYSE:ATI) on Friday, December 11 to “Buy” rating. The firm has “Hold” rating given on Monday, April 24 by Berenberg. The firm earned “Outperform” rating on Monday, January 8 by Cowen & Co. The stock has “Buy” rating by Seaport Global on Monday, January 22. J.P. Morgan upgraded Allegheny Technologies Incorporated (NYSE:ATI) rating on Wednesday, July 26. J.P. Morgan has “Hold” rating and $1900 target. Bank of America downgraded the shares of ATI in report on Tuesday, July 21 to “Neutral” rating. The firm has “Buy” rating by Buckingham Research given on Tuesday, February 9. The firm has “Buy” rating by Rosenblatt given on Thursday, February 11. As per Monday, September 11, the company rating was upgraded by Bank of America.

Another recent and important Allegheny Technologies Incorporated (NYSE:ATI) news was published by Nasdaq.com which published an article titled: “Why Earnings Season Could Be Great for Allegheny Technologies (ATI)” on January 19, 2018.

Allegheny Technologies Incorporated produces and sells specialty materials and components worldwide. The company has market cap of $3.20 billion. The firm operates through two divisions, High Performance Materials & Components; and Flat-Rolled Products. It currently has negative earnings. The High Performance Materials & Components segment provides various high performance materials, including titanium and titanium alloys; nickel-and cobalt alloys and superalloys; zirconium and related alloys, such as hafnium and niobium, advanced powder alloys, and other specialty materials, in long product forms of ingots, billets, bars, rods, wires, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components, and machined parts.

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