First Citizens Bank & Trust Co. Invests $574,000 in ATI Inc. $ATI

First Citizens Bank & Trust Co. acquired a new stake in ATI Inc. (NYSE:ATI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,059 shares of the basic materials company’s stock, valued at approximately $574,000.

Several other hedge funds have also recently bought and sold shares of ATI. Signaturefd LLC boosted its holdings in ATI by 117.7% during the 2nd quarter. Signaturefd LLC now owns 381 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 206 shares during the period. Meeder Asset Management Inc. lifted its position in shares of ATI by 2,010.0% during the third quarter. Meeder Asset Management Inc. now owns 422 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 402 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of ATI by 56.5% during the second quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 260 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of ATI in the second quarter valued at approximately $75,000. Finally, MAI Capital Management grew its holdings in shares of ATI by 38.6% in the second quarter. MAI Capital Management now owns 869 shares of the basic materials company’s stock valued at $75,000 after purchasing an additional 242 shares in the last quarter.

ATI Stock Performance

NYSE:ATI opened at $124.06 on Wednesday. ATI Inc. has a 12 month low of $39.23 and a 12 month high of $127.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.50 and a quick ratio of 1.18. The firm has a market capitalization of $16.85 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The business’s fifty day moving average price is $112.18 and its 200 day moving average price is $93.98.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 28th. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.10. ATI had a return on equity of 23.34% and a net margin of 9.71%.The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the firm posted $0.60 EPS. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts anticipate that ATI Inc. will post 2.89 earnings per share for the current fiscal year.

Insider Activity at ATI

In other news, VP Timothy J. Harris sold 10,543 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $97.69, for a total value of $1,029,945.67. Following the completion of the transaction, the vice president owned 119,394 shares in the company, valued at approximately $11,663,599.86. This represents a 8.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Tina Killough Busch sold 2,598 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $93.26, for a total transaction of $242,289.48. Following the completion of the transaction, the senior vice president directly owned 21,274 shares in the company, valued at $1,984,013.24. This trade represents a 10.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 158,630 shares of company stock valued at $16,144,855 over the last three months. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ATI shares. Alembic Global Advisors initiated coverage on shares of ATI in a report on Thursday, January 15th. They set an “overweight” rating and a $141.00 target price on the stock. Deutsche Bank Aktiengesellschaft set a $98.00 price objective on ATI in a research note on Wednesday, October 8th. KeyCorp boosted their target price on ATI from $120.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. upped their price target on ATI from $118.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of ATI in a research note on Monday, December 29th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, ATI presently has an average rating of “Moderate Buy” and a consensus target price of $117.75.

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.