ATI Inc. (NYSE:ATI) Stock Holdings Trimmed by Fmr LLC

Fmr LLC cut its position in shares of ATI Inc. (NYSE:ATI) by 13.7% during the 3rd quarter, Holdings Channel reports. The firm owned 9,281,393 shares of the basic materials company’s stock after selling 1,479,461 shares during the period. Fmr LLC owned about 0.07% of ATI worth $621,018,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Millennium Management LLC grew its holdings in shares of ATI by 165.1% in the 2nd quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock worth $107,846,000 after acquiring an additional 1,211,273 shares during the last quarter. Senator Investment Group LP grew its stake in ATI by 167.6% in the second quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company’s stock valued at $49,414,000 after purchasing an additional 558,138 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in ATI in the second quarter valued at about $28,896,000. Cubist Systematic Strategies LLC purchased a new position in ATI in the second quarter valued at about $15,869,000. Finally, Squarepoint Ops LLC boosted its stake in shares of ATI by 739.2% during the 2nd quarter. Squarepoint Ops LLC now owns 308,355 shares of the basic materials company’s stock worth $17,098,000 after acquiring an additional 271,613 shares in the last quarter.

Insider Buying and Selling

In related 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.71% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. upped their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Susquehanna dropped their target price on 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 ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, Benchmark reaffirmed a “buy” rating and set a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, ATI currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.71.

ATI Stock Down 0.8 %

Shares of ATI opened at $60.12 on Friday. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 23.12, a PEG ratio of 2.08 and a beta of 1.08. 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 business’s fifty day moving average price is $60.98 and its two-hundred 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 posted its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.06). ATI had a return on equity of 21.39% and a net margin of 8.85%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the business earned $0.55 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, analysts predict that ATI Inc. will post 2.27 earnings per share for the current year.

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

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.