Covea Finance Sells 4,700 Shares of ATI Inc. $ATI

Key Points

• Covea Finance reduced its stake in ATI Inc. by 7.8% by selling 4,700 shares during the second quarter, bringing its total holdings to 55,300 shares, valued at approximately $4.775 million.
• Insider activity saw Chairman Robert S. Wetherbee sell 50,000 shares of ATI for about $3.73 million, leading to a 14.02% decrease in his ownership in the company.
• Research firms are optimistic about ATI's performance, with several raising price targets; analysts currently have an average rating of "Moderate Buy" and a price target of $93.29.

Covea Finance cut its stake in ATI Inc. (NYSE:ATI - Free Report) by 7.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,300 shares of the basic materials company's stock after selling 4,700 shares during the quarter. Covea Finance's holdings in ATI were worth $4,775,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Revisor Wealth Management LLC bought a new stake in shares of ATI in the second quarter worth approximately $222,000. Counterpoint Mutual Funds LLC bought a new stake in shares of ATI in the second quarter worth approximately $338,000. Farther Finance Advisors LLC grew its stake in shares of ATI by 10.9% in the second quarter. Farther Finance Advisors LLC now owns 1,459 shares of the basic materials company's stock worth $126,000 after acquiring an additional 143 shares during the period. UMB Bank n.a. grew its stake in shares of ATI by 12.2% in the second quarter. UMB Bank n.a. now owns 1,771 shares of the basic materials company's stock worth $153,000 after acquiring an additional 192 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in shares of ATI in the second quarter worth approximately $1,253,000.

Insider Activity at ATI

In related news, Chairman Robert S. Wetherbee sold 50,000 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $74.66, for a total transaction of $3,733,000.00. Following the sale, the chairman owned 306,538 shares of the company's stock, valued at $22,886,127.08. This represents a 14.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David J. Morehouse sold 7,900 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $75.81, for a total transaction of $598,899.00. Following the completion of the sale, the director directly owned 44,777 shares in the company, valued at approximately $3,394,544.37. This represents a 15.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,841 shares of company stock valued at $5,567,645 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on ATI. Zacks Research raised shares of ATI to a "hold" rating in a report on Tuesday, August 12th. BTIG Research reissued a "buy" rating and issued a $120.00 price objective on shares of ATI in a report on Friday, September 12th. Barclays raised their price objective on shares of ATI from $75.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. JPMorgan Chase & Co. raised their price objective on shares of ATI from $75.00 to $92.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Susquehanna dropped their price objective on shares of ATI from $105.00 to $100.00 and set a "positive" rating on the stock in a report on Friday, August 1st. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $93.29.

ATI Price Performance

ATI stock opened at $79.78 on Tuesday. The company has a market cap of $11.00 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 1.10 and a beta of 1.27. The firm's fifty day moving average is $80.02 and its 200 day moving average is $71.65. The company has a quick ratio of 1.20, a current ratio of 2.52 and a debt-to-equity ratio of 0.92. ATI Inc. has a 52-week low of $39.23 and a 52-week high of $96.20.

ATI (NYSE:ATI - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.02. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.15 billion. ATI had a net margin of 9.26% and a return on equity of 21.34%. ATI's revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 earnings per share. ATI has set its FY 2025 guidance at 2.900-3.07 EPS. Q3 2025 guidance at 0.690-0.75 EPS. Sell-side analysts forecast that ATI Inc. will post 2.89 EPS for the current fiscal year.

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.

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