Barclays Forecasts Strong Price Appreciation for ATI (NYSE:ATI) Stock

Key Points

• Barclays has raised its price target for ATI's stock from $75.00 to $90.00, indicating a potential upside of 17.34% from the company's previous close.
• Several other firms, including Deutsche Bank and JPMorgan Chase, have also updated their ratings and price targets for ATI, with most analysts maintaining a consensus rating of "Moderate Buy."
• In recent transactions, ATI's chairman sold 50,000 shares, representing a decrease in his ownership by 12.30%, amidst overall insider selling of about 195,359 shares in the last three months.

ATI (NYSE:ATI - Get Free Report) had its price objective raised by Barclays from $75.00 to $90.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the basic materials company's stock. Barclays's price target indicates a potential upside of 17.34% from the company's previous close.

Several other research firms have also recently issued reports on ATI. Deutsche Bank Aktiengesellschaft set a $115.00 price objective on ATI and gave the stock a "hold" rating in a report on Tuesday, July 8th. Susquehanna decreased their price target on ATI from $105.00 to $100.00 and set a "positive" rating on the stock in a research note on Friday. BTIG Research set a $105.00 price objective on shares of ATI and gave the company a "buy" rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. raised their target price on shares of ATI from $75.00 to $92.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, KeyCorp downgraded shares of ATI from an "overweight" rating to a "sector weight" rating in a report on Tuesday, May 20th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $91.14.

ATI Price Performance

Shares of NYSE:ATI traded down $0.02 on Monday, hitting $76.70. The company had a trading volume of 352,899 shares, compared to its average volume of 2,065,637. The company has a current ratio of 2.52, a quick ratio of 1.20 and a debt-to-equity ratio of 0.92. The company has a market cap of $10.82 billion, a PE ratio of 26.72, a PEG ratio of 1.02 and a beta of 1.20. ATI has a 52-week low of $39.23 and a 52-week high of $96.20. The business has a 50 day moving average of $85.97 and a 200 day moving average of $67.46.

ATI (NYSE:ATI - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.02. ATI had a net margin of 9.26% and a return on equity of 21.34%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business posted $0.60 earnings per share. The company's revenue was up 4.1% on a year-over-year basis. As a group, equities analysts anticipate that ATI will post 2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 50,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $83.93, for a total value of $4,196,500.00. Following the transaction, the chairman directly owned 356,538 shares of the company's stock, valued at $29,924,234.34. This trade represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 195,359 shares of company stock worth $15,103,486. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ATI

A number of large investors have recently modified their holdings of the stock. Teacher Retirement System of Texas purchased a new position in ATI in the 1st quarter worth approximately $1,243,000. Bank of New York Mellon Corp boosted its stake in shares of ATI by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 902,200 shares of the basic materials company's stock valued at $46,941,000 after purchasing an additional 11,048 shares during the period. GAMMA Investing LLC boosted its stake in shares of ATI by 39.2% in the first quarter. GAMMA Investing LLC now owns 3,478 shares of the basic materials company's stock valued at $181,000 after purchasing an additional 979 shares during the period. KBC Group NV grew its holdings in ATI by 14.2% during the 1st quarter. KBC Group NV now owns 5,779 shares of the basic materials company's stock valued at $301,000 after purchasing an additional 720 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in ATI by 139.9% during the 1st quarter. Bessemer Group Inc. now owns 662 shares of the basic materials company's stock worth $34,000 after buying an additional 386 shares during the period.

About ATI

ATI Inc produces and sells specialty materials and complex components worldwide. It operates in two segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC segment produces various materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, metallic powder alloys, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, as well as precision forgings, components, and machined parts.

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