ATI Inc. (NYSE:ATI) Short Interest Down 54.5% in September

ATI Inc. (NYSE:ATI) saw a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 2,300,000 shares, a decrease of 54.5% from the August 31st total of 5,060,000 shares. Approximately 1.9% of the shares of the company are sold short. Based on an average daily volume of 1,530,000 shares, the days-to-cover ratio is currently 1.5 days.

ATI Price Performance

NYSE ATI traded up $0.95 during trading on Friday, hitting $66.27. 1,601,883 shares of the company’s stock were exchanged, compared to its average volume of 1,448,711. The company has a market cap of $8.25 billion, a PE ratio of 26.61, a P/E/G ratio of 1.58 and a beta of 1.04. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. ATI has a fifty-two week low of $35.03 and a fifty-two week high of $68.92. The stock’s 50 day moving average price is $63.16 and its two-hundred day moving average price is $58.09.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. ATI had a net margin of 8.74% and a return on equity of 23.05%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the company earned $0.59 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts expect that ATI will post 2.48 EPS for the current year.

ATI announced that its Board of Directors has authorized a share repurchase 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 reacquire up to 9.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $61.61, for a total value of $1,540,250.00. Following the transaction, the chairman now directly owns 511,443 shares in the company, valued at $31,510,003.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ATI

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP acquired a new position in shares of ATI during the second quarter worth $26,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of ATI in the 1st quarter valued at about $51,000. EverSource Wealth Advisors LLC increased its stake in shares of ATI by 294.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after buying an additional 1,010 shares during the period. Quest Partners LLC bought a new position in shares of ATI during the second quarter worth about $88,000. Finally, GAMMA Investing LLC raised its position in shares of ATI by 46.5% during the first quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock worth $96,000 after acquiring an additional 593 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ATI shares. Benchmark reissued a “buy” rating and set a $80.00 price target on shares of ATI in a research report on Wednesday, August 7th. Susquehanna initiated coverage on ATI in a report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price on the stock. KeyCorp boosted their price target on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. BTIG Research initiated coverage on shares of ATI in a research note on Wednesday, June 26th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of ATI from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.00.

ATI Company Profile

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.