Bank of Montreal Can Buys 63,378 Shares of ATI Inc. (NYSE:ATI)

Bank of Montreal Can lifted its stake in shares of ATI Inc. (NYSE:ATI) by 126.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,606 shares of the basic materials company’s stock after purchasing an additional 63,378 shares during the period. Bank of Montreal Can owned 0.09% of ATI worth $6,302,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. bought a new stake in ATI during the first quarter worth $51,000. EverSource Wealth Advisors LLC increased 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 last quarter. Quest Partners LLC bought a new stake in shares of ATI in the 2nd quarter valued at about $88,000. GAMMA Investing LLC raised its holdings in shares of ATI by 46.5% in 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 period. Finally, TFO Wealth Partners LLC lifted its stake in ATI by 103,225.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,133 shares of the basic materials company’s stock valued at $182,000 after purchasing an additional 4,129 shares during the last quarter.

ATI Trading Up 1.0 %

Shares of ATI stock opened at $66.91 on Tuesday. The stock has a market cap of $8.33 billion, a P/E ratio of 26.87, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. ATI Inc. has a 1 year low of $35.03 and a 1 year high of $68.92. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. The stock has a 50 day simple moving average of $63.31 and a 200 day simple moving average of $58.35.

ATI (NYSE:ATI) last released its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share 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 firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company posted $0.59 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. On average, research analysts predict that ATI Inc. will post 2.48 earnings per share for the current fiscal year.

ATI declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 9.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the sale, the chairman now owns 511,443 shares in the company, valued at approximately $31,510,003.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ATI. Northcoast Research lowered ATI from a “neutral” rating to a “sell” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. BTIG Research assumed coverage on shares of ATI in a report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective on the stock. 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 note on Wednesday, August 7th. Finally, Susquehanna began coverage on shares of ATI in a research note on Thursday, September 5th. They issued a “positive” rating and a $75.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $74.00.

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.