Pier 88 Investment Partners LLC Trims Stake in ATI Inc. $ATI

Pier 88 Investment Partners LLC lessened its holdings in ATI Inc. (NYSE:ATI) by 53.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,002 shares of the basic materials company’s stock after selling 7,990 shares during the period. Pier 88 Investment Partners LLC’s holdings in ATI were worth $570,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of ATI. Signaturefd LLC boosted its stake in ATI by 117.7% during the second quarter. Signaturefd LLC now owns 381 shares of the basic materials company’s stock worth $33,000 after buying an additional 206 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of ATI by 2,010.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 422 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 402 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of ATI by 56.5% during the 2nd 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 during the period. MAI Capital Management lifted its stake in ATI by 38.6% during the second quarter. MAI Capital Management now owns 869 shares of the basic materials company’s stock worth $75,000 after purchasing an additional 242 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in shares of ATI in the second quarter valued at $75,000.

Wall Street Analyst Weigh In

ATI has been the topic of several research reports. Susquehanna reissued a “positive” rating and set a $145.00 target price on shares of ATI in a research note on Thursday, January 15th. BTIG Research reissued a “buy” rating and issued a $120.00 price objective on shares of ATI in a research note on Wednesday, October 29th. JPMorgan Chase & Co. upped their target price on shares of ATI from $118.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of ATI in a report on Monday, December 29th. Finally, KeyCorp boosted their price target on shares of ATI from $120.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $117.75.

Insider Buying and Selling

In other news, Chairman Robert S. Wetherbee sold 53,862 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $109.48, for a total transaction of $5,896,811.76. Following the completion of the sale, the chairman owned 132,676 shares in the company, valued at approximately $14,525,368.48. The trade was a 28.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Tina Killough Busch sold 2,598 shares of the company’s 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 owned 21,274 shares of the company’s stock, valued at approximately $1,984,013.24. The trade was a 10.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,630 shares of company stock worth $16,144,855 over the last 90 days. 1.10% of the stock is owned by insiders.

ATI Price Performance

Shares of ATI opened at $123.30 on Tuesday. The company has a current ratio of 2.50, a quick ratio of 1.18 and a debt-to-equity ratio of 0.94. The firm’s fifty day simple moving average is $111.66 and its 200-day simple moving average is $93.74. The firm has a market capitalization of $16.75 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 1.19 and a beta of 1.02. ATI Inc. has a twelve month low of $39.23 and a twelve month high of $127.11.

ATI (NYSE:ATI) last posted its quarterly earnings results on Tuesday, October 28th. The basic materials company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.10. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. ATI had a return on equity of 23.34% and a net margin of 9.71%.ATI’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. Equities analysts forecast that ATI Inc. will post 2.89 EPS for the current fiscal year.

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.