ATI Inc. (NYSE:ATI) Stake Lifted by Quarry LP

Quarry LP raised its stake in ATI Inc. (NYSE:ATI) by 86.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 889 shares of the basic materials company’s stock after buying an additional 412 shares during the quarter. Quarry LP’s holdings in ATI were worth $59,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Mountaineer Partners Management LLC lifted its position in ATI by 4,401.2% in the 3rd quarter. Mountaineer Partners Management LLC now owns 9,410,891 shares of the basic materials company’s stock valued at $629,683,000 after purchasing an additional 9,201,818 shares during the last quarter. Millennium Management LLC raised its holdings in shares of ATI by 165.1% during the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock valued at $107,846,000 after buying an additional 1,211,273 shares during the last quarter. Senator Investment Group LP boosted its position in shares of ATI by 167.6% during the second quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company’s stock worth $49,414,000 after buying an additional 558,138 shares during the period. Driehaus Capital Management LLC acquired a new position in shares of ATI during the second quarter worth approximately $28,896,000. Finally, Forest Avenue Capital Management LP bought a new position in ATI in the 3rd quarter worth approximately $28,700,000.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ATI shares. JPMorgan Chase & Co. boosted their price target on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Susquehanna lowered their target price on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price target 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. Finally, StockNews.com lowered shares of ATI from a “hold” rating to a “sell” rating in a research note on Monday, December 2nd. Two 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, ATI has a consensus rating of “Hold” and an average target price of $73.71.

ATI Stock Down 1.5 %

ATI stock opened at $56.69 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.94 and a quick ratio of 1.44. The firm has a market cap of $8.09 billion, a PE ratio of 21.80, a P/E/G ratio of 1.99 and a beta of 1.09. ATI Inc. has a 12 month low of $38.04 and a 12 month high of $68.92. The firm has a 50 day simple moving average of $59.99 and a 200 day simple moving average of $60.52.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.06). The company 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 21.39% and a net margin of 8.85%. The business’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.55 earnings per share. Equities research analysts forecast that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI declared that its board has authorized a stock repurchase plan 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 purchase up to 9.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction that occurred 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 transaction, the chairman now directly owns 486,443 shares of the company’s stock, valued at $30,271,347.89. This trade represents a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Tina Killough Busch sold 2,598 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $60.02, for a total transaction of $155,931.96. Following the completion of the sale, the senior vice president now owns 21,553 shares of the company’s stock, valued at approximately $1,293,611.06. This trade represents a 10.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,598 shares of company stock worth $4,726,682. Company insiders own 0.71% 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.