ATI (NYSE:ATI) Releases FY24 Earnings Guidance

ATI (NYSE:ATI) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.24-2.30 for the period, compared to the consensus EPS estimate of $2.46. ATI also updated its FY 2024 guidance to 2.240-2.300 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. KeyCorp lowered ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Susquehanna decreased their price objective on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft increased their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $80.00 price objective on shares of ATI in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, ATI currently has an average rating of “Moderate Buy” and an average price target of $73.71.

ATI Trading Up 1.3 %

ATI stock traded up $0.69 during mid-day trading on Friday, hitting $53.40. 182,666 shares of the company’s stock were exchanged, compared to its average volume of 1,441,550. ATI has a fifty-two week low of $37.94 and a fifty-two week high of $68.92. The company has a quick ratio of 1.07, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $7.62 billion, a P/E ratio of 20.27, a PEG ratio of 1.33 and a beta of 1.04. The company’s 50 day simple moving average is $63.02 and its 200-day simple moving average is $60.20.

ATI (NYSE:ATI) last posted its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). ATI had a return on equity of 21.39% and a net margin of 8.85%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the business posted $0.55 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts anticipate that ATI will post 2.27 earnings per share for the current year.

ATI declared that its Board of Directors has initiated a stock repurchase program on Tuesday, September 3rd that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total value of $1,555,750.00. Following the sale, the chairman now owns 486,443 shares of the company’s stock, valued at $30,271,347.89. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.71% of the stock is currently owned by insiders.

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.