Allegheny Technologies Incorporated (NYSE:ATI) currently trades at $21.60 which is about -0.09% lower than the 52-week high of $22.02. The trading volume at ready counter moved to 3.19M shares as compared to 3.17M shares average traded volume. The stock failed to get pushed above the $22.02 barrier, the intraday high, after opening at $21.37. Its market capitalization has now reached to $2.34B.
Allegheny Technologies Incorporated (NYSE:ATI) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Hold rating, according to Zacks Investment Research. 1 analyst has rated the stock with a sell rating, 4 have assigned a hold rating, Zero says it’s a buy and 1 has assigned a strong buy rating to the company.
Allegheny Technologies Incorporated (ATI) on October 25, 2016 reported third quarter 2016 sales of $771 million and a net loss attributable to ATI of $531 million, or $(4.95) per share. ATI’s third quarter 2016 results include pre-tax, non-cash impairment charges of $471 million for the previously announced idling of the Rowley, UT titanium sponge production facility, and pre-tax shutdown, idling and employee benefit costs of $29 million. Results in the third quarter 2016 also include $9 million of Rowley excess operating costs, which will not exist once the Rowley facility idling is completed by the end of 2016. As a result of these charges, which total $(3.13) per share, in accordance with accounting requirements ATI also recorded $173 million, or $(1.61) per share, of non-cash income tax valuation allowances related to U.S. federal tax benefits. The total after tax charges, including the tax valuation allowances, were $508 million, or $(4.74) per share. Excluding these charges, the net loss attributable to ATI was $23 million, or $(0.21) per share.
“Sales to the aerospace and defense market continued to drive ATI’s improving financial performance. Our next-generation differentiated jet engine product mix continued to grow and our airframe titanium product shipments remained on schedule,” said Rich Harshman, Chairman, President and Chief Executive Officer. “Our Flat Rolled Products segment continued to make progress toward returning to profitability in a challenging market environment.”
- ATI’s sales to key global differentiated markets were 81% of ATI sales for the nine months ended September 30, 2016:
- Sales to the aerospace and defense markets were $1.197 billion and represented 51% of ATI sales: 28% jet engine, 15% airframe, 8% government aero/defense.
- Sales to the oil & gas/chemical and hydrocarbon processing industry markets were $201 million and represented 9% of ATI sales: 5% oil & gas, 4% chemical and hydrocarbon processing industry.
- Sales to the electrical energy market were $182 million and represented 8% of ATI sales.
- Sales to the automotive market were $169 million and represented 7% of ATI sales.
- Sales to the medical market were $151 million and represented 6% of ATI sales.