Allegheny Technologies IncorporatedNYSE
Thu, Dec. 1, 4:33 PM
- Allegheny Technologies (NYSE:ATI) 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.
- Shares -2.05%
Tue, Nov. 22, 3:45 PM
- U.S. Steel (X +11.4%), AK Steel (AKS +10.7%), Steel Dynamics (STLD +4.1%), Nucor (NUE +4.4%) and Commercial Metals (CMC +4.7%) all surge to 52-week highs, extending their Trump-fueled rally as trade protectionist talk suggests that higher than usual premiums can be achieved for steel mills.
- BofA Merrill Lynch raises its 2017 average price estimate for U.S. hot-rolled coil to $650/short ton vs. its prior view of $535, as rising global prices and more protectionism should fuel strong steel prices into 2017 (SLX +5.8%).
- Bloomberg reports BofA boosted its stock price targets for Buy-rated AKS to $12 from $7, STLD to $37 from $30, CMC to $24 from $20, NUE to $65 from $57, and Allegheny Tech (ATI +7.5%) to $20 from $19; the firm remains Neutral on X and Reliant Steel (RS +6.1%).
- Also sharply higher today: MT +8.3%, CLF +13.8%, WOR +5.3%, RIO +4.1%, BHP +5.2%, VALE +7.8%.
Wed, Nov. 16, 2:43 PM
- Despite a sector-wide rally in the steel sector (SLX -1.6%) following Trump's election win, some players will be left out of an infrastructure-driven growth spurt and may take big hits under Trump's promised protectionism, J.P. Morgan's Michael Gambardella warns.
- Carbon steel makers such as Commercial Metals (CMC -0.5%), U.S. Steel (X -0.2%), AK Steel (AKS -1.9%), Steel Dynamics (STLD -0.1%) and Nucor (NUE -0.8%) should benefit from infrastructure spending and potential supply cuts brought on by a harsher trade environment, according to Gambardella.
- But specialty steel companies including Allegheny Tech (ATI -5.9%), Carpenter Tech (CRS -2.6%) and Haynes (HAYN -12.2%) have little exposure to infrastructure applications as well as significant export businesses, whose 30%-plus revenue contribution would decline under a stronger dollar and retaliatory trade policies, the analyst says.
Tue, Oct. 25, 7:16 AM
Mon, Oct. 24, 5:30 PM
- ABG, AGR, AKS, ASTE, ATI, AXE, BAX, BHI, BPOP, CAT, CIT, CNC, CPLA, CTG, CVLT, CYNO, DD, EAT, EDU, ETR, FBC, FBP, FCAU, FCX, FELE, GBX, GLW, GM, GPK, HUBB, IIVI, JBLU, JNS, KEY, KKR, LLY, LMT, LPT, MAS, MDSO, MINI, MMC, MMM, MRK, NCI, NLSN, NVS, PCAR, PG, PII, PNR, R, RTIX, S, SAVE, SCHN, SERV, SHW, SIR, ST, STAY, TNC, UA, USG, UTX, VLO, WAB, WAT, WDR, WHR, WSO
Thu, Oct. 13, 2:33 PM
- Even without the latest gloomy export data from China, shares of U.S. Steel (X -5.5%) might have dropped because of falling steel prices.
- Axiom Capital’s Gordon Johnson says U.S. hot rolled coil steel prices have dropped to $496/ton, below “the psychologically [important] $500 threshold... this is not good for U.S. steel mills.”
- Also: SLX -2.9%, MT -2.3%, AKS -4.2%, STLD -1.9%, RS -1.7%, ATI -3%, WOR -1.6%.
Mon, Sep. 12, 2:18 PM
- AK Steel (AKS +2.8%) spikes higher after the U.S. Commerce Department says it made a preliminary finding that imports of stainless steel sheet and strip from China are being dumped in the U.S. market at below fair value.
- The DoC set preliminary antidumping duties ranging from 63.86% to 76.64%.
- AKS and Allegheny Tech (ATI +3.9%) are two of the companies that sought a U.S. investigation, but other steel firms also are higher: X +2.4%, MT +3.1%, NUE +1.8%, CLF +0.9%, STLD +0.8%.
Mon, Aug. 29, 12:49 PM
- Allegheny Technologies (ATI +8.8%) is on the move after Deutsche Bank upgrades shares to Buy from Hold with a $20 price target, raised from $15, citing easing concerns over leverage following the closure of its Rowley titanium sponge facility.
- ATI management is beginning to exit low-margin businesses and close high cost operations. which should benefit the company beginning in 2017, as the company announced several actions on Aug. 24 to improve future financial performance, which included the indefinite idling of the Rowley plant.
- The firm calculates that balance sheet leverage based on net debt to EBITDA could improve to 3.4x by year-end 2017 following a Q3 equity raise (20% dilution) vs. 10x in 2016.
Thu, Aug. 25, 8:58 AM
- Allegheny Technologies (NYSE:ATI) says it will idle its titanium sponge plant in Rowley, Utah, and consolidate its titanium manufacturing operations, which it says will improve annual operating income by $50M starting next year.
- ATI says it expects to record ~$470M in total impairment charges for idled facilities; total charges, including a tax valuation allowance, are expected at $4.89/share, of which $4.83 would be recognized in Q3.
- ATI says it can purchase titanium sponge on the market at prices lower than the cost to make the material at the Utah mill, which will be idled by year-end.
Thu, Aug. 4, 3:44 PM
Tue, Jul. 26, 3:47 PM
- AK Steel (AKS +13.5%) surges after Q2 earnings easily beat analyst estimates, and adjusted EBITDA of $99.3M, or 6.7% of sales, more than doubled from last year's adjusted EBITDA of $47.6M, or 2.8% of sales.
- AKS says Q2 shipments fell 14% Y/Y to 1.55M tons from 1.81M tons a year ago, as its decision to reduce exposure to the commodity carbon steel spot market resulted in a 48% decline in shipments to the distributors and converters markets.
- However, shipments of higher value coated products, which are sold mostly to the automotive market, rose to 53% of total shipments in Q2, up from 45% a year ago.
- AKS says Q2 selling prices improved 2.8% Y/Y to $957/ton, vs. $931/ton a year earlier; total Q2 operating expenses fell 15%.
- The favorable results are boosting U.S. Steel (X +8.9%) ahead of the latter's Q2 earnings report after the close today, perhaps with an assist from Allegheny Tech's (ATI +19%) better than expected Q2 results.
Tue, Jul. 26, 7:34 AM
Mon, Jul. 25, 5:30 PM
- ABG, ACW, AHGP, AKS, ALLY, AOS, ARLP, ASTE, ATI, AUDC, AVY, AXE, AXTA, BAX, BEAV, BP, BPOP, CAT, CHKP, CIGI, CNC, CNHI, CNX, CPLA, CSL, CTG, CVLT, CYNO, DD, DTE, EEFT, EXAS, FBC, FCH, FCX, FELE, FIS, FMER, GPK, HOT, HUBB, HZO, ICLR, JBLU, JNS, KEY, KKR, LLY, LPT, MAS, MBLY, MCD, MDXG, MMM, NCI, NEO, NLSN, NORD, PCAR, PCH, RAI, RDWR, SAH, SIR, SIRI, ST, TGNA, TNC, TOWR, TROW, UA, USG, UTX, VLO, VZ, WAT, WDR, WWW, XRS
Mon, Jun. 20, 5:36 PM
Wed, May 18, 12:46 PM
Fri, May 6, 1:48 PM
- Allegheny Technologies (NYSE:ATI) declares $0.08/share quarterly dividend, in line with previous.
- Forward yield 2.06%
- Payable June 9; for shareholders of record May 27; ex-div May 25.