ATI Inc. $ATI Shares Bought by Lazard Asset Management LLC

Key Points

• Lazard Asset Management increased its ATI stake by 281.4% in the first quarter, acquiring 17,785 additional shares and bringing its holdings to 24,105 shares valued at approximately $3.5 million. Several other major institutional investors also increased their positions.
• ATI reported quarterly EPS of $1.00, beating analyst expectations of $0.88, while revenue reached $1.15 billion, up 0.6% year over year but below estimates. The stock opened at $187.76, near its 52-week high of $205.31.
• Analyst sentiment remains positive, with a consensus “Buy” rating and several firms raising price targets to between $210 and $215. However, ATI insiders—including CEO Kimberly A. Fields—have sold shares, with insiders selling 192,199 shares worth about $34.6 million over the past 90 days.

Lazard Asset Management LLC grew its position in shares of ATI Inc. (NYSE:ATI - Free Report) by 281.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,105 shares of the basic materials company's stock after buying an additional 17,785 shares during the quarter. Lazard Asset Management LLC's holdings in ATI were worth $3,506,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ATI. State Street Corp boosted its holdings in shares of ATI by 7.4% in the third quarter. State Street Corp now owns 6,042,244 shares of the basic materials company's stock valued at $491,476,000 after acquiring an additional 415,479 shares in the last quarter. Capital Research Global Investors raised its holdings in ATI by 12.0% during the fourth quarter. Capital Research Global Investors now owns 3,611,724 shares of the basic materials company's stock worth $414,481,000 after purchasing an additional 386,754 shares in the last quarter. Invesco Ltd. raised its holdings in ATI by 7.4% during the fourth quarter. Invesco Ltd. now owns 3,384,924 shares of the basic materials company's stock worth $388,454,000 after purchasing an additional 233,010 shares in the last quarter. Norges Bank acquired a new stake in ATI in the fourth quarter valued at about $198,787,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in ATI by 231.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,203,726 shares of the basic materials company's stock valued at $175,094,000 after purchasing an additional 840,455 shares during the period.

ATI Stock Up 3.2%

ATI stock opened at $187.76 on Friday. The company has a current ratio of 2.67, a quick ratio of 1.17 and a debt-to-equity ratio of 0.95. The company's 50-day moving average price is $188.34 and its 200 day moving average price is $161.47. ATI Inc. has a 52 week low of $70.42 and a 52 week high of $205.31. The company has a market cap of $25.62 billion, a P/E ratio of 62.17, a P/E/G ratio of 1.49 and a beta of 0.96.

ATI (NYSE:ATI - Get Free Report) last issued its earnings results on Thursday, April 30th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.12. ATI had a net margin of 9.26% and a return on equity of 26.44%. The company had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same period last year, the company posted $0.72 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts expect that ATI Inc. will post 4.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ATI has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on ATI from $150.00 to $175.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. KeyCorp raised their price target on ATI from $175.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, June 30th. Zacks Research upgraded ATI from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 25th. TD Cowen upped their price objective on ATI from $170.00 to $210.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, Susquehanna increased their price objective on ATI from $185.00 to $215.00 and gave the stock a "positive" rating in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the stock. According to data from MarketBeat.com, ATI has a consensus rating of "Buy" and a consensus price target of $176.78.

Insider Buying and Selling at ATI

In related news, CEO Kimberly A. Fields sold 31,757 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $190.99, for a total value of $6,065,269.43. Following the sale, the chief executive officer owned 125,564 shares in the company, valued at $23,981,468.36. This represents a 20.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 192,199 shares of company stock valued at $34,601,100. Corporate insiders own 0.98% of the company's stock.

ATI Profile

Allegheny Technologies Incorporated (ATI) is a global manufacturer of specialty materials and complex components, serving aerospace, defense, oil and gas, chemical processing, medical and other industrial end markets. The company operates through two main segments: High Performance Materials & Components, which produces titanium and nickel-based alloys, stainless and specialty steels, and precision forgings; and Flat-Rolled Products, which supplies stainless steel, nickel and specialty alloy sheet, strip and precision-rolled plate.

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