Lazard Asset Management LLC Boosts Holdings in ATI Inc. $ATI

Lazard Asset Management LLC boosted its holdings in shares of ATI Inc. (NYSE:ATI) by 281.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,105 shares of the basic materials company’s stock after acquiring an additional 17,785 shares during the period. Lazard Asset Management LLC’s holdings in ATI were worth $3,506,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. State Street Corp grew its position in shares of ATI by 7.4% in the third quarter. State Street Corp now owns 6,042,244 shares of the basic materials company’s stock valued at $491,476,000 after purchasing an additional 415,479 shares during the last quarter. Capital Research Global Investors increased its stake in shares of ATI by 12.0% during the 4th quarter. Capital Research Global Investors now owns 3,611,724 shares of the basic materials company’s stock worth $414,481,000 after purchasing an additional 386,754 shares in the last quarter. Invesco Ltd. raised its position in shares of ATI by 7.4% during the 4th quarter. Invesco Ltd. now owns 3,384,924 shares of the basic materials company’s stock worth $388,454,000 after purchasing an additional 233,010 shares during the last quarter. Norges Bank acquired a new position in shares of ATI during the 4th quarter worth approximately $198,787,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in ATI by 231.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,203,726 shares of the basic materials company’s stock valued at $175,094,000 after buying an additional 840,455 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ATI shares. Zacks Research upgraded ATI from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 25th. Weiss Ratings raised ATI from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 9th. Wall Street Zen downgraded ATI from a “buy” rating to a “hold” rating in a research report on Tuesday, July 28th. Susquehanna increased their price objective on ATI from $185.00 to $215.00 and gave the company a “positive” rating in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their price objective on ATI from $150.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $176.78.

Insiders Place Their Bets

In other ATI news, CEO Kimberly A. Fields sold 59,749 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $179.07, for a total transaction of $10,699,253.43. Following the transaction, the chief executive officer owned 218,014 shares of the company’s stock, valued at $39,039,766.98. This represents a 21.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders sold 192,199 shares of company stock valued at $34,601,100. Insiders own 0.98% of the company’s stock.

ATI Stock Performance

Shares of ATI opened at $187.76 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.17 and a current ratio of 2.67. The company has a market capitalization of $25.62 billion, a price-to-earnings ratio of 62.17, a PEG ratio of 1.49 and a beta of 0.96. The company’s 50 day simple moving average is $188.34 and its 200 day simple moving average is $161.47. ATI Inc. has a 1 year low of $70.42 and a 1 year high of $205.31.

ATI (NYSE:ATI) last announced its earnings results on Thursday, April 30th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.12. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.19 billion. ATI had a net margin of 9.26% and a return on equity of 26.44%. ATI’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $0.72 earnings per share. On average, sell-side analysts predict that ATI Inc. will post 4.49 EPS for the current year.

ATI Profile

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.