Bank of Nova Scotia Purchases New Holdings in ATI Inc. $ATI

Key Points

• Bank of Nova Scotia acquired 417,290 ATI shares worth approximately $82.2 million, giving it a 0.31% stake in the specialty materials company.
• ATI reported stronger-than-expected quarterly results, with EPS of $1.23 versus the $1.03 consensus estimate and revenue up 10.6% year over year to $1.26 billion. The company issued third-quarter EPS guidance of $1.31–$1.37.
• Analysts maintain a bullish outlook, with ATI holding a consensus “Buy” rating and an average price target of $232. However, CEO Kimberly A. Fields recently sold 24,845 shares for about $5.7 million, contributing to significant insider selling over the past three months.

Bank of Nova Scotia acquired a new position in ATI Inc. (NYSE:ATI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 417,290 shares of the basic materials company's stock, valued at approximately $82,248,000. Bank of Nova Scotia owned about 0.31% of ATI at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Signature Equity Partners LLC raised its holdings in ATI by 208.5% in the 1st 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. CoreCap Advisors LLC acquired a new position in shares of ATI during the 2nd quarter worth approximately $30,000. Torren Management LLC purchased a new stake in shares of ATI in the fourth quarter valued at approximately $52,000. Summit Securities Group LLC purchased a new stake in shares of ATI in the first quarter valued at approximately $60,000. Finally, Hollencrest Capital Management increased its holdings in shares of ATI by 283.1% in the first quarter. Hollencrest Capital Management now owns 452 shares of the basic materials company's stock valued at $66,000 after purchasing an additional 334 shares during the last quarter.

ATI Trading Down 1.1%

NYSE ATI opened at $206.84 on Friday. The firm's 50-day moving average is $200.19 and its two-hundred day moving average is $171.49. ATI Inc. has a 12 month low of $71.94 and a 12 month high of $243.57. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.33 and a quick ratio of 1.14. The stock has a market capitalization of $28.17 billion, a P/E ratio of 60.66, a PEG ratio of 1.25 and a beta of 0.98.

ATI (NYSE:ATI - Get Free Report) last announced its earnings results on Thursday, August 6th. The basic materials company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. ATI had a net margin of 10.09% and a return on equity of 29.27%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm posted $0.74 earnings per share. ATI's revenue was up 10.6% compared to the same quarter last year. ATI has set its Q3 2026 guidance at 1.310-1.370 EPS and its FY 2026 guidance at 4.900-5.180 EPS. On average, sell-side analysts anticipate that ATI Inc. will post 5.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

ATI has been the topic of a number of analyst reports. Weiss Ratings upgraded ATI from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 9th. Wall Street Zen upgraded ATI from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $275.00 target price on shares of ATI in a research note on Monday, August 10th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $262.00 price target on shares of ATI in a report on Monday, August 10th. Finally, TD Cowen upped their price objective on shares of ATI from $170.00 to $210.00 and gave the company a "buy" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat, ATI has a consensus rating of "Buy" and an average price target of $232.00.

Insiders Place Their Bets

In other ATI news, CEO Kimberly A. Fields sold 24,845 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $231.19, for a total value of $5,743,915.55. Following the sale, the chief executive officer owned 100,719 shares of the company's stock, valued at $23,285,225.61. The trade was a 19.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 177,044 shares of company stock valued at $33,976,616. 0.98% of the stock is currently owned by company insiders.

ATI Company 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source