Pier 88 Investment Partners LLC Trims Stake in ATI Inc. $ATI

Pier 88 Investment Partners LLC cut its position in ATI Inc. (NYSE:ATI) by 53.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,002 shares of the basic materials company’s stock after selling 7,990 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in ATI were worth $570,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of ATI by 8.1% in the first quarter. Royal Bank of Canada now owns 60,369 shares of the basic materials company’s stock valued at $3,140,000 after acquiring an additional 4,542 shares during the period. Goldman Sachs Group Inc. raised its position in ATI by 49.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 633,948 shares of the basic materials company’s stock valued at $32,984,000 after purchasing an additional 209,480 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in ATI by 10.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,459 shares of the basic materials company’s stock worth $126,000 after purchasing an additional 143 shares during the period. Fifth Third Bancorp grew its position in ATI by 11.4% during the 2nd quarter. Fifth Third Bancorp now owns 1,252 shares of the basic materials company’s stock worth $108,000 after purchasing an additional 128 shares during the last quarter. Finally, Ballentine Partners LLC acquired a new position in ATI in the second quarter valued at $299,000.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ATI shares. KeyCorp increased their target price on shares of ATI from $120.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Alembic Global Advisors began coverage on ATI in a research report on Thursday, January 15th. They set an “overweight” rating and a $141.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on ATI from $118.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Deutsche Bank Aktiengesellschaft set a $98.00 price target on ATI in a research note on Wednesday, October 8th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of ATI in a research note on Monday, December 29th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $117.75.

Insider Buying and Selling at ATI

In related news, VP Timothy J. Harris sold 10,543 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $97.69, for a total value of $1,029,945.67. Following the completion of the transaction, the vice president directly owned 119,394 shares of the company’s stock, valued at $11,663,599.86. This trade represents a 8.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Robert S. Wetherbee sold 60,000 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $98.34, for a total value of $5,900,400.00. Following the sale, the chairman owned 246,538 shares in the company, valued at approximately $24,244,546.92. The trade was a 19.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 158,630 shares of company stock valued at $16,144,855. Corporate insiders own 1.10% of the company’s stock.

ATI Trading Down 0.2%

NYSE:ATI opened at $123.30 on Tuesday. ATI Inc. has a 1 year low of $39.23 and a 1 year high of $127.11. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.18 and a current ratio of 2.50. The stock has a fifty day moving average price of $111.66 and a two-hundred day moving average price of $93.74. The stock has a market capitalization of $16.75 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 1.19 and a beta of 1.02.

ATI (NYSE:ATI) last posted its quarterly earnings results on Tuesday, October 28th. The basic materials company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.10. ATI had a net margin of 9.71% and a return on equity of 23.34%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the company posted $0.60 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, sell-side analysts anticipate that ATI Inc. will post 2.89 earnings per share for the current fiscal year.

ATI Company Profile

Allegheny Technologies Incorporated (ATI) is a global manufacturer of specialty materials and complex components, serving aerospace, defense, oil and gas, chemical processing, medical and other industrial end markets. The company operates through two main segments: High Performance Materials & Components, which produces titanium and nickel-based alloys, stainless and specialty steels, and precision forgings; and Flat-Rolled Products, which supplies stainless steel, nickel and specialty alloy sheet, strip and precision-rolled plate.