Point72 Asia Singapore Pte. Ltd. Invests $491,000 in ATI Inc. (NYSE:ATI)

Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ATI Inc. (NYSE:ATI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,336 shares of the basic materials company’s stock, valued at approximately $491,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC boosted its holdings in shares of ATI by 3.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,383 shares of the basic materials company’s stock worth $360,000 after purchasing an additional 172 shares in the last quarter. Beck Capital Management LLC boosted its stake in ATI by 0.8% in the second quarter. Beck Capital Management LLC now owns 34,229 shares of the basic materials company’s stock worth $1,898,000 after buying an additional 262 shares in the last quarter. KBC Group NV grew its position in ATI by 12.9% during the third quarter. KBC Group NV now owns 3,362 shares of the basic materials company’s stock valued at $225,000 after acquiring an additional 385 shares during the last quarter. Souders Financial Advisors raised its stake in shares of ATI by 6.1% during the third quarter. Souders Financial Advisors now owns 7,125 shares of the basic materials company’s stock worth $477,000 after acquiring an additional 411 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its holdings in shares of ATI by 7.5% in the 3rd quarter. Apollon Wealth Management LLC now owns 6,514 shares of the basic materials company’s stock worth $436,000 after acquiring an additional 457 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts recently commented on ATI shares. KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. lifted their price objective on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. StockNews.com cut ATI from a “hold” rating to a “sell” rating in a report on Monday. Susquehanna lowered their price objective on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. Finally, Benchmark restated a “buy” rating and issued a $80.00 target price on shares of ATI in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $73.71.

ATI Price Performance

ATI opened at $59.70 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94. The stock has a market capitalization of $8.52 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09. The stock’s 50 day moving average price is $60.82 and its 200-day moving average price is $60.58. ATI Inc. has a 52-week low of $38.04 and a 52-week high of $68.92.

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

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

Insider Buying and Selling at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the completion of the transaction, the chairman now owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.05% of the company’s stock.

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.