State of Michigan Retirement System Purchases New Position in ATI Inc. (NYSE:ATI)

State of Michigan Retirement System purchased a new stake in shares of ATI Inc. (NYSE:ATI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 34,100 shares of the basic materials company's stock, valued at approximately $1,774,000.

Several other institutional investors have also added to or reduced their stakes in ATI. Capital International Investors lifted its holdings in shares of ATI by 5.4% during the fourth quarter. Capital International Investors now owns 15,901,561 shares of the basic materials company's stock valued at $875,190,000 after purchasing an additional 817,182 shares in the last quarter. Vanguard Group Inc. raised its position in ATI by 15.2% in the 4th quarter. Vanguard Group Inc. now owns 15,335,409 shares of the basic materials company's stock worth $844,061,000 after buying an additional 2,020,313 shares during the last quarter. Capital World Investors raised its position in ATI by 100.5% in the 4th quarter. Capital World Investors now owns 6,875,576 shares of the basic materials company's stock worth $378,432,000 after buying an additional 3,446,919 shares during the last quarter. Invesco Ltd. raised its position in ATI by 4.5% in the 4th quarter. Invesco Ltd. now owns 4,696,500 shares of the basic materials company's stock worth $258,495,000 after buying an additional 203,742 shares during the last quarter. Finally, Dendur Capital LP grew its stake in shares of ATI by 601.7% in the fourth quarter. Dendur Capital LP now owns 3,567,000 shares of the basic materials company's stock worth $196,328,000 after acquiring an additional 3,058,628 shares during the period.

Wall Street Analyst Weigh In

ATI has been the topic of several research reports. Susquehanna raised their target price on shares of ATI from $73.00 to $105.00 and gave the stock a "positive" rating in a report on Monday. Benchmark reissued a "buy" rating and set a $81.00 price target on shares of ATI in a report on Monday, April 21st. Deutsche Bank Aktiengesellschaft set a $115.00 price target on ATI and gave the company a "hold" rating in a report on Tuesday, July 8th. BTIG Research set a $105.00 price objective on ATI and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, KeyCorp downgraded ATI from an "overweight" rating to a "sector weight" rating in a research note on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.29.

ATI Stock Performance

NYSE:ATI opened at $90.53 on Tuesday. The stock has a 50-day simple moving average of $80.75 and a two-hundred day simple moving average of $63.79. ATI Inc. has a 52-week low of $39.23 and a 52-week high of $92.84. 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 capitalization of $12.77 billion, a PE ratio of 32.80, a P/E/G ratio of 1.19 and a beta of 1.13.

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

Insider Buying and Selling

In other news, Chairman Robert S. Wetherbee sold 50,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $83.93, for a total value of $4,196,500.00. Following the completion of the sale, the chairman directly owned 356,538 shares of the company's stock, valued at $29,924,234.34. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 195,359 shares of company stock worth $15,103,486. 1.10% of the stock is currently owned by company insiders.

ATI Profile

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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