Royal Bank of Canada Buys 94,793 Shares of ATI Inc. $ATI

Key Points

• Royal Bank of Canada more than doubled its ATI stake in the first quarter, adding 94,793 shares to own 171,029 shares valued at approximately $24.9 million, or 0.13% of the company.
• Other institutional investors also increased their positions, while ATI CEO Kimberly A. Fields sold 59,749 shares for roughly $10.7 million; insiders sold about $34.6 million of stock over the past three months.
• ATI shares recently traded near their 52-week high, and analysts remain broadly positive, with the stock carrying a consensus “Buy” rating and an average price target of $187.62.

Royal Bank of Canada lifted its stake in ATI Inc. (NYSE:ATI - Free Report) by 124.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 171,029 shares of the basic materials company's stock after acquiring an additional 94,793 shares during the quarter. Royal Bank of Canada owned 0.13% of ATI worth $24,878,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ATI. Rokos Capital Management LLP bought a new position in shares of ATI during the 1st quarter valued at $11,683,000. Empowered Funds LLC lifted its holdings in ATI by 304.6% in the first quarter. Empowered Funds LLC now owns 55,970 shares of the basic materials company's stock valued at $8,141,000 after acquiring an additional 42,136 shares during the period. Quantinno Capital Management LP boosted its position in ATI by 22.7% in the first quarter. Quantinno Capital Management LP now owns 40,458 shares of the basic materials company's stock worth $5,885,000 after purchasing an additional 7,495 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of ATI by 281.4% during the 1st quarter. Lazard Asset Management LLC now owns 24,105 shares of the basic materials company's stock valued at $3,506,000 after purchasing an additional 17,785 shares during the period. Finally, Gateway Wealth Partners LLC purchased a new stake in shares of ATI during the 1st quarter valued at about $500,000.

Insider Buying and Selling

In other ATI news, CEO Kimberly A. Fields sold 59,749 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $179.07, for a total transaction of $10,699,253.43. Following the completion of the transaction, the chief executive officer owned 218,014 shares in the company, valued at $39,039,766.98. This trade represents a 21.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 192,199 shares of company stock worth $34,601,100 over the last three months. 0.98% of the stock is currently owned by corporate insiders.

ATI Trading Up 3.8%

Shares of ATI stock opened at $200.45 on Wednesday. The firm has a market cap of $27.36 billion, a price-to-earnings ratio of 66.37, a PEG ratio of 1.54 and a beta of 0.98. The business has a 50-day moving average price of $189.59 and a 200-day moving average price of $162.77. The company has a quick ratio of 1.17, a current ratio of 2.67 and a debt-to-equity ratio of 0.95. ATI Inc. has a twelve month low of $70.42 and a twelve month high of $205.31.

Analyst Ratings Changes

Several brokerages have recently weighed in on ATI. JPMorgan Chase & Co. increased their price objective on shares of ATI from $150.00 to $175.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Wall Street Zen downgraded shares of ATI from a "buy" rating to a "hold" rating in a research report on Tuesday, July 28th. BTIG Research lifted their price target on shares of ATI from $165.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Zacks Research raised shares of ATI from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 25th. Finally, KeyCorp raised their target price on ATI from $175.00 to $211.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating and eight have given a Buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $187.62.

About ATI

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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