ATI (NYSE:ATI) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

ATI (NYSE:ATI) posted its quarterly earnings data on Tuesday. The basic materials company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.06), Briefing.com reports. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.12 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.55 EPS.

ATI Stock Performance

NYSE ATI traded down $1.29 during mid-day trading on Wednesday, reaching $55.53. 1,205,347 shares of the stock were exchanged, compared to its average volume of 1,433,437. The business’s 50 day moving average is $63.24 and its 200-day moving average is $60.24. ATI has a 1 year low of $36.70 and a 1 year high of $68.92. The company has a market capitalization of $6.91 billion, a P/E ratio of 22.03, a P/E/G ratio of 1.38 and a beta of 1.04. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the sale, the chairman now directly owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.05% of the stock is currently owned by insiders.

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

Wall Street Analysts Forecast Growth

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

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.