Bank of America Corp DE Sells 115,232 Shares of ATI Inc. (NYSE:ATI)

Bank of America Corp DE cut its holdings in ATI Inc. (NYSE:ATI - Free Report) by 26.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 312,354 shares of the basic materials company's stock after selling 115,232 shares during the period. Bank of America Corp DE owned approximately 0.22% of ATI worth $17,192,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. grew its stake in ATI by 0.4% during the fourth quarter. Ameriprise Financial Inc. now owns 3,155,477 shares of the basic materials company's stock worth $173,677,000 after buying an additional 12,528 shares in the last quarter. Algert Global LLC grew its stake in ATI by 79.4% during the fourth quarter. Algert Global LLC now owns 130,305 shares of the basic materials company's stock worth $7,172,000 after buying an additional 57,673 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in ATI by 111.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,523 shares of the basic materials company's stock worth $469,000 after buying an additional 4,490 shares in the last quarter. Comerica Bank grew its stake in ATI by 49.3% during the fourth quarter. Comerica Bank now owns 186,749 shares of the basic materials company's stock worth $10,279,000 after buying an additional 61,652 shares in the last quarter. Finally, Soros Fund Management LLC grew its stake in ATI by 98.3% during the fourth quarter. Soros Fund Management LLC now owns 391,501 shares of the basic materials company's stock worth $21,548,000 after buying an additional 194,045 shares in the last quarter.

ATI Trading Up 0.6%

NYSE:ATI traded up $0.47 during mid-day trading on Monday, hitting $75.62. 1,775,821 shares of the company's stock were exchanged, compared to its average volume of 1,753,814. The company has a 50 day simple moving average of $57.65 and a 200-day simple moving average of $57.46. The company has a current ratio of 2.44, a quick ratio of 1.32 and a debt-to-equity ratio of 0.88. ATI Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $76.74. The firm has a market capitalization of $10.67 billion, a P/E ratio of 29.66, a PEG ratio of 0.85 and a beta of 1.01.

ATI (NYSE:ATI - Get Free Report) last posted its earnings results on Thursday, May 1st. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. ATI had a net margin of 8.43% and a return on equity of 21.16%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the company earned $0.48 EPS. The firm's revenue was up 9.7% compared to the same quarter last year. As a group, research analysts expect that ATI Inc. will post 2.89 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 50,000 shares of ATI stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $68.18, for a total transaction of $3,409,000.00. Following the sale, the chairman now directly owns 506,538 shares in the company, valued at $34,535,760.84. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Citigroup upgraded shares of ATI to a "positive" rating in a research note on Tuesday, May 20th. Benchmark restated a "buy" rating and issued a $81.00 price target on shares of ATI in a research note on Monday, April 21st. Wall Street Zen upgraded shares of ATI from a "sell" rating to a "hold" rating in a research note on Thursday, February 6th. Susquehanna raised their price target on shares of ATI from $70.00 to $73.00 and gave the company a "positive" rating in a research note on Wednesday, February 5th. Finally, Barclays raised their price target on shares of ATI from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $76.14.

ATI Company 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.