Pier 88 Investment Partners LLC Raises Stock Position in ATI Inc. (NYSE:ATI)

Pier 88 Investment Partners LLC grew its holdings in shares of ATI Inc. (NYSE:ATI) by 196.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,400 shares of the basic materials company’s stock after buying an additional 4,900 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in ATI were worth $410,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. bought a new stake in shares of ATI in the 1st quarter valued at approximately $51,000. EverSource Wealth Advisors LLC boosted its stake in shares of ATI by 294.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock worth $69,000 after purchasing an additional 1,010 shares during the period. GAMMA Investing LLC grew its holdings in ATI by 46.5% during the 1st quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock valued at $96,000 after purchasing an additional 593 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its position in ATI by 211.5% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 2,651 shares of the basic materials company’s stock worth $121,000 after purchasing an additional 1,800 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of ATI in the second quarter worth approximately $205,000.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ATI shares. Susquehanna began coverage on ATI in a research report on Thursday. They issued a “positive” rating and a $75.00 price objective on the stock. KeyCorp upped their price target on shares of ATI from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. JPMorgan Chase & Co. lifted their price objective on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. BTIG Research initiated coverage on shares of ATI in a research report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of ATI from $80.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, ATI currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.00.

ATI Trading Down 3.0 %

NYSE:ATI opened at $58.13 on Friday. The firm has a 50-day simple moving average of $61.67 and a 200-day simple moving average of $56.66. ATI Inc. has a one year low of $35.03 and a one year high of $68.92. The firm has a market cap of $7.23 billion, a P/E ratio of 23.35, a P/E/G ratio of 1.46 and a beta of 1.04. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

ATI (NYSE:ATI) last posted its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business earned $0.59 earnings per share. ATI’s revenue was up 5.2% on a year-over-year basis. Equities analysts anticipate that ATI Inc. will post 2.48 EPS for the current fiscal year.

ATI announced that its board has approved a share buyback plan on Tuesday, September 3rd that permits the company to buyback $700.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.