BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of ATI Inc. (NYSE:ATI - Free Report) by 67.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,753 shares of the basic materials company's stock after purchasing an additional 65,753 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.13% of ATI worth $9,025,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in ATI. Point72 DIFC Ltd bought a new stake in ATI during the second quarter valued at $2,544,000. Marshall Wace LLP boosted its stake in shares of ATI by 412.0% during the second quarter. Marshall Wace LLP now owns 51,408 shares of the basic materials company's stock valued at $2,851,000 after purchasing an additional 41,367 shares during the period. Bank of Montreal Can grew its holdings in shares of ATI by 126.2% in the second quarter. Bank of Montreal Can now owns 113,606 shares of the basic materials company's stock worth $6,302,000 after purchasing an additional 63,378 shares during the last quarter. Evergreen Capital Management LLC increased its stake in shares of ATI by 19.3% in the second quarter. Evergreen Capital Management LLC now owns 8,064 shares of the basic materials company's stock worth $447,000 after buying an additional 1,306 shares during the period. Finally, Magnetar Financial LLC bought a new stake in ATI during the 2nd quarter valued at $2,275,000.
Several research firms recently issued reports on ATI. KeyCorp raised their target price on ATI from $66.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, August 12th. Benchmark restated a "buy" rating and set a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. Susquehanna started coverage on shares of ATI in a research report on Thursday, September 5th. They set a "positive" rating and a $75.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of ATI from $80.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of ATI from $65.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, ATI has a consensus rating of "Moderate Buy" and an average target price of $74.00.
Check Out Our Latest Analysis on ATI
Shares of ATI stock opened at $65.42 on Thursday. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of 26.27, a PEG ratio of 1.59 and a beta of 1.04. ATI Inc. has a 52 week low of $35.03 and a 52 week high of $68.92. The stock's 50-day simple moving average is $62.88 and its 200-day simple moving average is $57.92. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26.
ATI (NYSE:ATI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the business posted $0.59 earnings per share. The company's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, analysts expect that ATI Inc. will post 2.48 earnings per share for the current fiscal year.
ATI declared that its Board of Directors has approved a stock buyback plan on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 9.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.
In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the transaction, the chairman now owns 511,443 shares in the company, valued at $31,510,003.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.71% of the company's stock.
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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