ATI (NYSE:ATI) Issues FY24 Earnings Guidance

ATI (NYSE:ATI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.24-2.30 for the period, compared to the consensus EPS estimate of $2.46. ATI also updated its FY 2024 guidance to 2.240-2.300 EPS.

Analyst Ratings Changes

A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Benchmark reaffirmed a “buy” rating and set a $80.00 price target on shares of ATI in a research report on Wednesday, August 7th. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Susquehanna cut their price target on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $73.71.

ATI Stock Up 1.3 %

Shares of ATI stock traded up $0.69 on Friday, reaching $53.40. 182,666 shares of the company were exchanged, compared to its average volume of 1,441,550. The company has a 50-day moving average of $63.02 and a 200-day moving average of $60.20. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.94 and a quick ratio of 1.07. ATI has a one year low of $37.94 and a one year high of $68.92. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 1.33 and a beta of 1.04.

ATI (NYSE:ATI) last issued 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 for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business earned $0.55 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts anticipate that ATI will post 2.27 earnings per share for the current year.

ATI declared that its board has approved a stock buyback program on Tuesday, September 3rd that allows the company to repurchase $700.00 million in shares. This repurchase authorization allows the basic materials company to purchase up to 9.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total value of $1,555,750.00. Following the completion of the transaction, the chairman now directly owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.71% of the stock is owned by insiders.

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.