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ATI

Allegheny Technologies

$17.75

0.21 (1.20%)

16:12
12/01/16
12/01
16:12
12/01/16
16:12

Allegheny Technologies suspends quarterly dividend effective immediately

Allegheny Technologies announced that its board of directors has decided to suspend its quarterly dividend effective immediately. "We expect ATI's financial performance to improve significantly in 2017 as a result of strong profitable growth in our High Performance Materials & Components segment, a return to modest profitability in our Flat Rolled Products segment, and the aggressive cost reduction actions we have taken since late last year," said Rich Harshman, Chairman, President and CEO. "As earnings improve in 2017 and beyond, the resulting annual free cash flow, after necessary capital expenditures, will be used primarily to reduce debt, improve the funded position of the Company's defined benefit pension plan, and improve liquidity. We are focused on creating long-term shareholder value by returning ATI to sustainable profitability, strengthening our balance sheet, and restoring and maintaining financial flexibility and strong liquidity."

ATI Allegheny Technologies
$17.75

0.21 (1.20%)

08/29/16
DBAB
08/29/16
UPGRADE
Target $20
DBAB
Buy
Allegheny Technologies upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Jorge Beristain upgraded Allegheny Technologies to Buy saying leverage concerns have eased following the closure of the company's Rowley facility. Management is acting to exit low-margin stainless products, Beristain tells investors in a research note. He upped his price target for the shares to $20 from $15.
08/29/16
08/29/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. T-Mobile (TMUS) upgraded to Outperform from Market Perform at Wells Fargo, with analyst Jennifer Fritzsche saying the company's free cash flow should ramp significantly in 2017. T-Mobile should also see continued positive momentum in subscriber growth and be helped by M&A speculation post the Presidential election, said Fritzsche, who raised her price target range for the shares to $52-$54 from $48-$50. 2. KLA-Tencor (KLAC) upgraded to Outperform from Market Perform at Cowen by analyst Timothy Arcuri, who views the shares as "too interesting to ignore" regardless of the Lam Research (LRCX) deal outcome. KLA's risk/reward, even if the deal breaks, is now 3:1 to the upside, which is hard to find in semis, Arcuri tells investors in a research note. 3. Allegheny Technologies (ATI) upgraded to Buy from Hold at Deutsche Bank, with Deutsche Bank analyst Jorge Beristain saying leverage concerns have eased following the closure of the company's Rowley facility. Management is acting to exit low-margin stainless products, said Beristain. 4. CBL & Associates (CBL) upgraded to Buy from Hold at Jefferies, as analyst Omotayo Okusanya thinks "several issues" that have been an overhang on the shares are now resolved or are in the process of resolution. The company's portfolio quality is rising while its balance sheet is in better shape, Okusanya tells investors. 5. AstraZeneca upgraded to Buy from Hold at Argus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/09/16
GHSC
09/09/16
INITIATION
Target $21
GHSC
Buy
Allegheny Technologies initiated with a Buy at Seaport Global
Seaport Global analyst Josh Sullivan initiated Allegheny Technologies with a Buy and $21 price target.
10/26/16
DBAB
10/26/16
DOWNGRADE
DBAB
Hold
Allegheny downgraded to Hold from Buy at Deutsche Bank (pre-open)

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