Holocene Advisors LP Makes New $18.93 Million Investment in ATI Inc. (NYSE:ATI)

Holocene Advisors LP acquired a new stake in ATI Inc. (NYSE:ATI) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 282,890 shares of the basic materials company’s stock, valued at approximately $18,928,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC grew its position in ATI by 165.1% during the 2nd quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock worth $107,846,000 after purchasing an additional 1,211,273 shares during the period. Senator Investment Group LP boosted its stake in shares of ATI by 167.6% in 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 last quarter. Driehaus Capital Management LLC acquired a new stake in ATI during the second quarter worth about $28,896,000. Forest Avenue Capital Management LP purchased a new position in ATI during the third quarter valued at approximately $28,700,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in ATI by 177.7% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 451,982 shares of the basic materials company’s stock valued at $30,242,000 after acquiring an additional 289,229 shares during the period.

ATI Price Performance

NYSE:ATI opened at $59.70 on Tuesday. The firm has a market cap of $8.52 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09. The stock has a 50 day moving average of $60.82 and a two-hundred day moving average of $60.58. ATI Inc. has a 12 month low of $38.04 and a 12 month high of $68.92. The company has a current ratio of 2.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.97.

ATI (NYSE:ATI) last posted 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). ATI had a net margin of 8.85% and a return on equity of 21.39%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company posted $0.55 earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts expect that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. StockNews.com cut shares of ATI from a “hold” rating to a “sell” rating in a research note on Monday. Susquehanna cut their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating for the company in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price 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. Benchmark restated a “buy” rating and issued a $80.00 price target on shares of ATI in a research note on Wednesday, August 7th. Finally, KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.71.

Insider Transactions at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total value of $1,555,750.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, 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.