ATI (NYSE:ATI) to Buyback $700.00 million in Shares

ATI (NYSE:ATI) declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd, RTT News reports. The company plans to buyback $700.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 9.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Northcoast Research downgraded shares of ATI from a “neutral” rating to a “sell” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised their target price on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. KeyCorp upped 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 report on Wednesday, June 26th. They set a “buy” rating and a $70.00 price target for the company. Finally, Benchmark reissued a “buy” rating and issued a $80.00 price target on shares of ATI in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, ATI has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.

ATI Stock Up 0.3 %

ATI stock traded up $0.17 during mid-day trading on Thursday, reaching $59.96. 3,058,785 shares of the company’s stock were exchanged, compared to its average volume of 1,455,987. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. ATI has a twelve month low of $35.03 and a twelve month high of $68.92. The company has a market cap of $7.46 billion, a P/E ratio of 24.08, a P/E/G ratio of 1.56 and a beta of 1.04. The company has a fifty day moving average of $61.61 and a 200-day moving average of $56.49.

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

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.