ATI (NYSE:ATI) Stock Gets Price Target Bump from Citigroup

ATI (NYSE:ATI) had its price objective upped by Citigroup from $229.00 to $240.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Citigroup‘s price target would indicate a potential upside of 30.78% from the company’s current price.

A number of other research firms have also issued reports on ATI. Weiss Ratings lowered ATI from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 29th. Wall Street Zen upgraded shares of ATI from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Wells Fargo & Company cut their price target on shares of ATI from $275.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, September 30th. BTIG Research raised their price objective on shares of ATI from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Friday. Finally, KeyCorp reduced their price objective on shares of ATI from $258.00 to $228.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $224.56.

ATI Price Performance

NYSE:ATI traded down $6.64 during midday trading on Friday, hitting $183.52. 1,345,368 shares of the stock were exchanged, compared to its average volume of 1,913,048. The company has a market capitalization of $24.93 billion, a price-to-earnings ratio of 45.88, a P/E/G ratio of 1.04 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 has a one year low of $93.11 and a one year high of $243.57. The business has a 50-day moving average price of $184.93 and a two-hundred day moving average price of $175.82.

ATI (NYSE:ATI) last issued its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.85 EPS. The firm’s revenue for the quarter was up 26.5% on a year-over-year basis. Sell-side analysts predict that ATI will post 5.24 EPS for the current year.

Insider Transactions at ATI

In related news, Director David Morehouse sold 2,485 shares of ATI stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $201.61, for a total value of $501,000.85. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kimberly Fields sold 24,845 shares of ATI stock in a transaction 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 transaction, the chief executive officer owned 100,719 shares in the company, valued at $23,285,225.61. The trade was a 19.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 85,830 shares of company stock valued at $18,046,361 in the last three months. 0.98% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of ATI during the second quarter valued at approximately $3,687,529,000. Bank of America Corp DE acquired a new position in ATI in the 2nd quarter worth approximately $348,285,000. Bessemer Group Inc. boosted its stake in ATI by 67.7% in the 3rd quarter. Bessemer Group Inc. now owns 1,601,598 shares of the basic materials company’s stock worth $303,342,000 after purchasing an additional 646,615 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in ATI by 231.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,203,726 shares of the basic materials company’s stock worth $175,094,000 after purchasing an additional 840,455 shares during the period. Finally, Fisher Asset Management LLC grew its position in ATI by 4.3% during the 3rd quarter. Fisher Asset Management LLC now owns 910,047 shares of the basic materials company’s stock worth $172,363,000 after purchasing an additional 37,675 shares in the last quarter.

ATI Company Profile

ATI Inc. produces specialty materials and components for aerospace and defense, energy, medical, and other industrial markets. Its materials include titanium and titanium alloys, nickel- and cobalt-based alloys, specialty stainless steels, and other engineered metals designed for demanding applications. The company makes products such as sheet, plate, strip, and bar, along with precision forgings, castings, and engineered components. ATI serves customers worldwide through manufacturing and distribution operations in North America and other regions.