Covea Finance Reduces Stake in ATI Inc. (NYSE:ATI)

Covea Finance lessened its holdings in shares of ATI Inc. (NYSE:ATI - Free Report) by 7.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,000 shares of the basic materials company's stock after selling 5,000 shares during the quarter. Covea Finance's holdings in ATI were worth $3,122,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp boosted its stake in ATI by 115.7% during the 1st quarter. Fifth Third Bancorp now owns 1,124 shares of the basic materials company's stock valued at $58,000 after purchasing an additional 603 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of ATI by 418.1% in the first quarter. Farther Finance Advisors LLC now owns 1,316 shares of the basic materials company's stock valued at $69,000 after purchasing an additional 1,062 shares in the last quarter. UMB Bank n.a. boosted its position in shares of ATI by 86.2% during the first quarter. UMB Bank n.a. now owns 1,579 shares of the basic materials company's stock valued at $82,000 after buying an additional 731 shares during the last quarter. Mainstream Capital Management LLC bought a new stake in ATI during the fourth quarter worth $94,000. Finally, EverSource Wealth Advisors LLC raised its position in ATI by 20.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,729 shares of the basic materials company's stock valued at $95,000 after buying an additional 288 shares during the last quarter.

ATI Stock Performance

ATI stock traded up $0.76 during mid-day trading on Tuesday, hitting $84.21. The company had a trading volume of 1,594,404 shares, compared to its average volume of 1,784,577. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.30 and a current ratio of 2.53. The firm has a market cap of $11.88 billion, a PE ratio of 30.51, a price-to-earnings-growth ratio of 1.16 and a beta of 1.14. ATI Inc. has a 12 month low of $39.23 and a 12 month high of $86.40. The stock's fifty day moving average price is $70.97 and its two-hundred day moving average price is $60.79.

ATI (NYSE:ATI - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The basic materials company reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.14. ATI had a net margin of 8.93% and a return on equity of 21.37%. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter in the previous year, the firm posted $0.48 EPS. ATI's revenue was up 9.7% on a year-over-year basis. On average, analysts forecast that ATI Inc. will post 2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at ATI

In related news, Chairman Robert S. Wetherbee sold 50,000 shares of the company's 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 approximately $34,535,760.84. This represents a 8.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 195,359 shares of company stock worth $15,103,486 over the last ninety days. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ATI has been the topic of a number of analyst reports. KeyCorp downgraded shares of ATI from an "overweight" rating to a "sector weight" rating in a report on Tuesday, May 20th. Citigroup raised shares of ATI to a "positive" rating in a research report on Tuesday, May 20th. BTIG Research set a $105.00 price objective on shares of ATI and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Finally, Benchmark reissued a "buy" rating and set a $81.00 target price on shares of ATI in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.29.

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.