PVG Asset Management Corp Takes Position in ATI Inc. $ATI

Key Points

• PVG Asset Management acquired 10,475 ATI shares worth approximately $1.52 million, joining several institutional investors that increased their positions in the specialty materials manufacturer.
• Analyst sentiment is strongly positive: ATI carries a consensus “Buy” rating, with recent price-target increases ranging from $175 to $211 and a consensus target of $176.78.
• ATI reported quarterly EPS of $1.00, exceeding the $0.88 estimate, while revenue reached $1.15 billion. The stock opened at $187.76, near its 52-week high of $205.31, although CEO Kimberly A. Fields recently sold roughly $10.7 million in shares.

PVG Asset Management Corp acquired a new position in ATI Inc. (NYSE:ATI - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 10,475 shares of the basic materials company's stock, valued at approximately $1,524,000.

Several other institutional investors have also modified their holdings of the company. State Street Corp grew its holdings in ATI by 7.4% during the third quarter. State Street Corp now owns 6,042,244 shares of the basic materials company's stock worth $491,476,000 after acquiring an additional 415,479 shares during the period. Capital Research Global Investors lifted its holdings in ATI by 12.0% in the 4th quarter. Capital Research Global Investors now owns 3,611,724 shares of the basic materials company's stock valued at $414,481,000 after acquiring an additional 386,754 shares during the last quarter. Invesco Ltd. lifted its holdings in ATI by 7.4% in the 4th quarter. Invesco Ltd. now owns 3,384,924 shares of the basic materials company's stock valued at $388,454,000 after acquiring an additional 233,010 shares during the last quarter. Norges Bank bought a new position in shares of ATI during the 4th quarter valued at about $198,787,000. Finally, Bank of America Corp DE grew its stake in shares of ATI by 70.8% in the 1st quarter. Bank of America Corp DE now owns 1,364,941 shares of the basic materials company's stock worth $198,544,000 after purchasing an additional 565,867 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ATI shares. JPMorgan Chase & Co. boosted their target price on shares of ATI from $150.00 to $175.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $194.00 price target on shares of ATI in a research report on Friday, May 1st. KeyCorp upped 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 report on Thursday, June 25th. Finally, TD Cowen raised their price objective on ATI from $170.00 to $210.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $176.78.

ATI Trading Up 0.2%

NYSE ATI opened at $187.76 on Monday. The firm's 50 day moving average price is $188.34 and its two-hundred day moving average price is $161.74. The stock has a market cap of $25.62 billion, a price-to-earnings ratio of 62.17, a PEG ratio of 1.49 and a beta of 0.96. ATI Inc. has a twelve month low of $70.42 and a twelve month high of $205.31. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.17 and a current ratio of 2.67.

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

Insiders Place Their Bets

In other news, CEO Kimberly A. Fields sold 59,749 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $179.07, for a total value of $10,699,253.43. Following the transaction, the chief executive officer owned 218,014 shares in the company, valued at $39,039,766.98. This represents a 21.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 192,199 shares of company stock worth $34,601,100. 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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