Sumitomo Mitsui Trust Group Inc. Makes New $47.75 Million Investment in ATI Inc. $ATI

Sumitomo Mitsui Trust Group Inc. bought a new position in shares of ATI Inc. (NYSE:ATI) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 252,093 shares of the basic materials company’s stock, valued at approximately $47,746,000. Sumitomo Mitsui Trust Group Inc. owned 0.19% of ATI as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Precision Wealth Strategies LLC purchased a new position in ATI in the first quarter valued at about $1,009,000. Bank of Nova Scotia boosted its stake in shares of ATI by 92.9% during the 1st quarter. Bank of Nova Scotia now owns 467,149 shares of the basic materials company’s stock worth $67,951,000 after purchasing an additional 224,949 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in ATI during the second quarter worth approximately $129,773,000. Illinois Municipal Retirement Fund acquired a new position in ATI during the first quarter valued at approximately $1,106,000. Finally, Empowered Funds LLC raised its holdings in shares of ATI by 304.6% during the 1st quarter. Empowered Funds LLC now owns 55,970 shares of the basic materials company’s stock valued at $8,141,000 after buying an additional 42,136 shares during the period.

Insider Activity at ATI

In other news, CEO Kimberly Fields sold 24,845 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $231.19, for a total value of $5,743,915.55. Following the completion of the sale, the chief executive officer directly owned 100,719 shares of the company’s stock, valued at $23,285,225.61. This represents a 19.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Timothy Harris sold 9,000 shares of the business’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $191.82, for a total value of $1,726,380.00. Following the completion of the transaction, the vice president directly owned 88,187 shares in the company, valued at approximately $16,916,030.34. This represents a 9.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 85,830 shares of company stock valued at $18,046,361. 0.98% of the stock is owned by company insiders.

ATI Stock Performance

NYSE ATI opened at $178.96 on Thursday. ATI Inc. has a 12-month low of $93.11 and a 12-month high of $243.57. The company has a quick ratio of 1.27, a current ratio of 2.77 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average price of $188.46 and a two-hundred day moving average price of $173.79. The company has a market capitalization of $24.31 billion, a P/E ratio of 44.74, a P/E/G ratio of 1.06 and a beta of 1.09.

ATI (NYSE:ATI) last posted its earnings results on Thursday, October 29th. The basic materials company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.37 by $0.09. ATI had a net margin of 11.08% and a return on equity of 32.30%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company earned $0.85 EPS. The firm’s revenue was up 26.5% compared to the same quarter last year. Analysts anticipate that ATI Inc. will post 5.20 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. KeyCorp reduced their target price on ATI from $258.00 to $228.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. Wells Fargo & Company decreased 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 upped their target price on ATI from $170.00 to $210.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Wall Street Zen upgraded shares of ATI from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $262.00 price objective on shares of ATI in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $221.38.

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.