ATI (NYSE:ATI) Stock Rated Buy in New Coverage at Citigroup

Equities research analysts at Citigroup started coverage on shares of ATI (NYSE:ATI) in a research note issued to investors on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $229.00 price target on the basic materials company’s stock. Citigroup‘s price objective would indicate a potential upside of 27.96% from the stock’s previous close.

ATI has been the topic of several other reports. KeyCorp reduced their price target on ATI from $258.00 to $228.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Wells Fargo & Company lowered their price objective on ATI from $275.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, September 30th. TD Cowen increased their price objective on ATI from $170.00 to $210.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Susquehanna raised their target price on shares of ATI from $215.00 to $265.00 and gave the stock a “positive” rating in a report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of ATI from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $222.22.

ATI Stock Down 0.8%

Shares of NYSE:ATI opened at $178.96 on Thursday. The stock’s 50-day moving average price is $188.46 and its 200-day moving average price is $173.79. ATI has a 12-month low of $93.11 and a 12-month high of $243.57. The stock has a market capitalization of $24.31 billion, a P/E ratio of 44.74, a price-to-earnings-growth ratio of 1.06 and a beta of 1.09. The company has a current ratio of 2.77, a quick ratio of 1.27 and a debt-to-equity ratio of 0.85.

ATI (NYSE:ATI) last released its earnings results on Thursday, October 29th. The basic materials company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.09. ATI had a return on equity of 32.30% and a net margin of 11.08%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $0.85 EPS. ATI’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, equities analysts anticipate that ATI will post 5.20 earnings per share for the current year.

Insider Activity

In related news, VP Timothy J. Harris sold 16,500 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $210.01, for a total value of $3,465,165.00. Following the sale, the vice president directly owned 130,187 shares of the company’s stock, valued at $27,340,571.87. This trade represents a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David J. Morehouse sold 2,485 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $201.61, for a total value of $501,000.85. Following the completion of the sale, the director directly owned 35,826 shares in the company, valued at $7,222,879.86. The trade was a 6.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 85,830 shares of company stock valued at $18,046,361. Insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lido Advisors LLC grew its position in shares of ATI by 152.3% in the 3rd quarter. Lido Advisors LLC now owns 15,451 shares of the basic materials company’s stock worth $2,927,000 after buying an additional 9,326 shares during the last quarter. AlphaCore Capital LLC purchased a new position in shares of ATI during the third quarter valued at approximately $277,000. Fulcrum Asset Management LLP purchased a new position in shares of ATI during the third quarter valued at approximately $439,000. Allspring Global Investments Holdings LLC raised its holdings in shares of ATI by 71.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 861,151 shares of the basic materials company’s stock valued at $164,600,000 after acquiring an additional 359,113 shares in the last quarter. Finally, Ethic Inc. raised its holdings in shares of ATI by 10.9% during the third quarter. Ethic Inc. now owns 8,532 shares of the basic materials company’s stock valued at $1,616,000 after acquiring an additional 837 shares in the last quarter.

ATI Company Profile

ATI Inc (NYSE: ATI) is a specialty materials and components manufacturer serving demanding applications in the aerospace and defense, medical, energy, and industrial markets. The company develops and produces materials designed to perform in high-temperature, high-strength, and corrosion-resistant environments.

Its products include nickel-based superalloys, titanium and titanium-based materials, specialty steels, precision-rolled materials, forgings, and other engineered components. These products are used in aircraft engines and airframes, defense systems, medical implants and devices, power-generation equipment, and other industrial applications.

ATI was formed in 1996 through the combination of Allegheny Ludlum Corporation and Teledyne, Inc The company serves customers in the United States and international markets through manufacturing and processing operations across North America and Europe.