Federated Hermes Inc. Acquires 70,812 Shares of ATI Inc. (NYSE:ATI)

Federated Hermes Inc. lifted its holdings in shares of ATI Inc. (NYSE:ATI) by 4.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,702,648 shares of the basic materials company’s stock after purchasing an additional 70,812 shares during the period. Federated Hermes Inc. owned about 1.37% of ATI worth $94,412,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Bornite Capital Management LP purchased a new position in shares of ATI in the fourth quarter worth about $10,003,000. SG Americas Securities LLC increased its stake in ATI by 202.7% in the 2nd quarter. SG Americas Securities LLC now owns 27,450 shares of the basic materials company’s stock worth $1,522,000 after purchasing an additional 18,381 shares during the period. Goldman Sachs Group Inc. increased its stake in ATI by 31.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,306,784 shares of the basic materials company’s stock worth $59,419,000 after purchasing an additional 315,506 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of ATI in the first quarter worth approximately $763,000. Finally, First Hawaiian Bank purchased a new position in shares of ATI in the second quarter worth $757,000.

Wall Street Analyst Weigh In

ATI has been the subject of several analyst reports. Benchmark reissued a “buy” rating and set a $80.00 price target on shares of ATI in a research report on Wednesday, August 7th. BTIG Research began coverage on shares of ATI in a report on Wednesday, June 26th. They set a “buy” rating and a $70.00 target price for the company. KeyCorp boosted their price target on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, August 12th. JPMorgan Chase & Co. upped their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Northcoast Research lowered ATI from a “neutral” rating to a “sell” rating in a research report on Friday, June 14th. One research 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’s stock. Based on data from MarketBeat.com, ATI currently has an average rating of “Moderate Buy” and an average target price of $74.00.

ATI Stock Performance

ATI stock opened at $62.20 on Friday. ATI Inc. has a fifty-two week low of $35.03 and a fifty-two week high of $68.92. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 1.50 and a beta of 1.04. The stock’s 50 day simple moving average is $62.01 and its two-hundred day simple moving average is $56.98. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

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

ATI declared that its Board of Directors has authorized a share buyback plan on Tuesday, September 3rd that allows the company to buyback $700.00 million in shares. This buyback authorization allows the basic materials company to buy up to 9.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

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.