Cartenna Capital LP Makes New $24.37 Million Investment in ATI Inc. (NYSE:ATI)

Cartenna Capital LP bought a new position in ATI Inc. (NYSE:ATI - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 442,746 shares of the basic materials company's stock, valued at approximately $24,369,000. ATI makes up 1.2% of Cartenna Capital LP's holdings, making the stock its 23rd largest position. Cartenna Capital LP owned 0.31% of ATI at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ATI. Franklin Resources Inc. increased its stake in ATI by 16.2% in the 3rd quarter. Franklin Resources Inc. now owns 445,746 shares of the basic materials company's stock worth $27,993,000 after acquiring an additional 61,999 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in ATI in the 3rd quarter worth approximately $3,088,000. ORG Wealth Partners LLC bought a new stake in ATI in the 4th quarter worth approximately $25,000. Fragasso Financial Advisors Inc bought a new stake in ATI in the 4th quarter worth approximately $403,000. Finally, Wedmont Private Capital increased its stake in ATI by 33.7% in the 4th quarter. Wedmont Private Capital now owns 4,838 shares of the basic materials company's stock worth $267,000 after acquiring an additional 1,220 shares during the last quarter.

ATI Stock Down 0.4 %

Shares of NYSE ATI traded down $0.24 during mid-day trading on Tuesday, reaching $53.62. 710,613 shares of the company were exchanged, compared to its average volume of 2,046,533. The company has a quick ratio of 1.32, a current ratio of 2.44 and a debt-to-equity ratio of 0.88. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 0.85 and a beta of 0.80. ATI Inc. has a 1 year low of $39.23 and a 1 year high of $68.92. The firm has a 50-day moving average of $51.37 and a 200 day moving average of $55.89.

ATI (NYSE:ATI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The basic materials company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.19. ATI had a return on equity of 21.16% and a net margin of 8.43%. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.07 billion. During the same period last year, the business posted $0.64 earnings per share. The firm's revenue was up 10.2% compared to the same quarter last year. On average, research analysts expect that ATI Inc. will post 2.89 earnings per share for the current year.

Insider Buying and Selling at ATI

In related news, SVP Tina Killough Busch sold 9,900 shares of ATI stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $66.41, for a total transaction of $657,459.00. Following the completion of the sale, the senior vice president now owns 25,994 shares of the company's stock, valued at $1,726,261.54. The trade was a 27.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ATI has been the topic of several analyst reports. Susquehanna boosted their target price on ATI from $70.00 to $73.00 and gave the company a "positive" rating in a research report on Wednesday, February 5th. Benchmark reiterated a "buy" rating and issued a $81.00 target price on shares of ATI in a report on Monday, April 21st. Barclays upped their target price on ATI from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Monday, February 10th. StockNews.com upgraded ATI from a "sell" rating to a "hold" rating in a report on Thursday, February 6th. Finally, KeyCorp upgraded ATI from a "sector weight" rating to an "overweight" rating and set a $55.00 target price for the company in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $73.29.

ATI Profile

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.