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

Key Points

• Citigroup initiated coverage of ATI with a Buy rating and a $229 price target, implying about 28% upside from the stock’s current price.
• Analysts broadly remain positive: ATI has a consensus Buy rating and an average price target of $222.22.
• ATI beat quarterly estimates, reporting EPS of $1.46 versus $1.37 expected and revenue of $1.42 billion; revenue grew 26.5% year over year.

Citigroup assumed coverage on shares of ATI (NYSE:ATI - Get Free Report) in a research note issued 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 target indicates a potential upside of 27.96% from the company's current price.

Other equities research analysts also recently issued research reports about the company. BTIG Research dropped their target price on ATI from $270.00 to $250.00 and set a "buy" rating on the stock in a research report on Friday, October 30th. TD Cowen lifted their price target on ATI from $170.00 to $210.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Susquehanna lifted their price target on ATI from $215.00 to $265.00 and gave the company a "positive" rating in a research report on Friday, August 7th. Wall Street Zen upgraded ATI from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $262.00 price objective on shares of ATI in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, ATI presently has a consensus rating of "Buy" and an average target price of $222.22.

ATI Price Performance

ATI opened at $178.96 on Thursday. The firm has a 50-day moving average price of $188.46 and a 200-day moving average price of $173.79. ATI has a twelve month low of $93.11 and a twelve 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 company has a market capitalization of $24.31 billion, a price-to-earnings ratio of 44.74, a PEG ratio of 1.06 and a beta of 1.09.

ATI (NYSE:ATI - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.37 by $0.09. The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.32 billion. ATI had a net margin of 11.08% and a return on equity of 32.30%. ATI's revenue was up 26.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. Equities analysts expect that ATI will post 5.20 EPS for the current year.

Insider Buying and Selling

In other ATI news, Director David J. Morehouse sold 2,485 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $201.61, for a total value of $501,000.85. Following the completion of the transaction, the director directly owned 35,826 shares of the company's stock, valued at $7,222,879.86. This trade represents a 6.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kimberly A. Fields sold 24,845 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $231.19, for a total transaction of $5,743,915.55. Following the transaction, the chief executive officer owned 100,719 shares of the company's stock, valued at $23,285,225.61. This trade represents a 19.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 85,830 shares of company stock valued at $18,046,361. Company insiders own 0.98% of the company's stock.

Institutional Investors Weigh In On ATI

A number of institutional investors and hedge funds have recently made changes to their positions in ATI. CoreCap Advisors LLC bought a new stake in ATI in the 2nd quarter worth approximately $30,000. Retirement Wealth Solutions LLC purchased a new stake in ATI in the third quarter worth approximately $30,000. Signature Equity Partners LLC grew its position in ATI by 208.5% during the first quarter. Signature Equity Partners LLC now owns 182 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 123 shares during the last quarter. Provenance Wealth Advisors LLC bought a new position in ATI during the third quarter valued at approximately $37,000. Finally, V Square Quantitative Management LLC grew its position in ATI by 71.9% during the third quarter. V Square Quantitative Management LLC now owns 220 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 92 shares during the last quarter.

About ATI

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.