Analysts at Seaport Global Securities initiated coverage on Allegheny Technologies Inc. (NYSE: ATI) stock, rating the company at Buy. As a means of comparison, a number of other analysts have commented on the shares recently, and the company has secured a consensus one-year price target of $19.32, $17.68. Allegheny Technologies Inc.stock has a 52-week high of $19.10.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile, U.S. markets saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.
The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.
The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.
Stocks were not alone in declines on Friday.
Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.
Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.
Usually, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.
Shares of Allegheny Technologies Inc. (NYSE: ATI) opened at $17.68 and traded in a range between, $16.16 and $17.71 on Friday, and last traded at $16.16, which represents a change of $ -1.79 over the previous closing price.
Allegheny Technologies Inc. (NYSE: ATI) currently has a market cap of 1.76B
The stocks average daily volume is 2,809,940 shares out of a total float 107,339,000 of and some 4,880,725 shares traded hands yesterday, 80 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Allegheny Technologies Inc. (NYSE: ATI) now has a 50-day MA is $17.31 and 200-day MA is $15.28, and it has traded in a 52-week range between $7.08 – 19.10 and today’s last price is -15.39 percent off the 52 week high.
Earnings growth is an important factor to look at when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.