Fisher Asset Management LLC lessened its stake in shares of ATI Inc. (NYSE:ATI – Free Report) by 5.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 908,495 shares of the basic materials company’s stock after selling 49,153 shares during the period. Fisher Asset Management LLC owned about 0.67% of ATI worth $104,259,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. True Wealth Design LLC raised its stake in shares of ATI by 642.9% during the fourth quarter. True Wealth Design LLC now owns 260 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 225 shares in the last quarter. Prestige Wealth Management Group LLC bought a new stake in shares of ATI during the third quarter valued at approximately $34,000. Allworth Financial LP raised its stake in shares of ATI by 50.8% during the third quarter. Allworth Financial LP now owns 534 shares of the basic materials company’s stock valued at $43,000 after acquiring an additional 180 shares in the last quarter. Torren Management LLC bought a new stake in shares of ATI during the fourth quarter valued at approximately $52,000. Finally, ARK Investment Management LLC raised its stake in shares of ATI by 378.7% during the third quarter. ARK Investment Management LLC now owns 742 shares of the basic materials company’s stock valued at $60,000 after acquiring an additional 587 shares in the last quarter.
ATI Stock Performance
Shares of ATI stock opened at $162.33 on Tuesday. The firm has a market cap of $22.15 billion, a price-to-earnings ratio of 53.75, a PEG ratio of 1.40 and a beta of 0.94. The company’s 50 day moving average is $153.69 and its 200 day moving average is $133.37. The company has a quick ratio of 1.17, a current ratio of 2.67 and a debt-to-equity ratio of 0.95. ATI Inc. has a 52-week low of $70.42 and a 52-week high of $171.11.
ATI declared that its board has initiated a stock buyback program on Thursday, February 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
Insider Buying and Selling at ATI
In other ATI news, Director David J. Morehouse sold 6,609 shares of ATI stock in a transaction on Monday, March 9th. The shares were sold at an average price of $154.25, for a total value of $1,019,438.25. Following the transaction, the director directly owned 38,168 shares of the company’s stock, valued at approximately $5,887,414. The trade was a 14.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kimberly A. Fields sold 40,000 shares of ATI stock in a transaction on Monday, May 11th. The stock was sold at an average price of $159.21, for a total transaction of $6,368,400.00. Following the completion of the transaction, the chief executive officer directly owned 277,763 shares in the company, valued at $44,222,647.23. This represents a 12.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.98% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
ATI has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $194.00 price target on shares of ATI in a research note on Friday, May 1st. Susquehanna lifted their price objective on shares of ATI from $155.00 to $185.00 and gave the company a “positive” rating in a report on Friday, April 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of ATI in a report on Friday. KeyCorp lifted their price objective on shares of ATI from $167.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of ATI from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $164.38.
Check Out Our Latest Stock Report on ATI
ATI 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.
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