Fmr LLC Cuts Stake in ATI Inc. (NYSE:ATI)

Fmr LLC reduced its position in shares of ATI Inc. (NYSE:ATI) by 13.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,281,393 shares of the basic materials company’s stock after selling 1,479,461 shares during the quarter. Fmr LLC owned approximately 6.51% of ATI worth $621,018,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in ATI by 202.7% during the 2nd quarter. SG Americas Securities LLC now owns 27,450 shares of the basic materials company’s stock valued at $1,522,000 after purchasing an additional 18,381 shares during the last quarter. First Hawaiian Bank purchased a new position in shares of ATI in the second quarter worth $757,000. Assenagon Asset Management S.A. increased its position in ATI by 17.6% in the second quarter. Assenagon Asset Management S.A. now owns 528,615 shares of the basic materials company’s stock worth $29,312,000 after purchasing an additional 79,285 shares during the last quarter. Dimensional Fund Advisors LP increased its position in ATI by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock valued at $139,003,000 after acquiring an additional 102,691 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of ATI by 11.0% in the first quarter. Jane Street Group LLC now owns 106,237 shares of the basic materials company’s stock worth $5,436,000 after purchasing an additional 10,561 shares during the last quarter.

Analyst Ratings Changes

ATI has been the subject of several analyst reports. KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Benchmark reiterated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Susquehanna cut their price objective on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.71.

Insider Buying and Selling at ATI

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 stock was sold at an average price of $62.23, for a total value 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 document filed with the SEC, which is accessible through this hyperlink. 0.71% of the stock is owned by insiders.

ATI Stock Performance

NYSE ATI opened at $60.12 on Friday. The business’s 50-day moving average price is $60.98 and its 200 day moving average price is $60.58. ATI Inc. has a twelve month low of $38.04 and a twelve month high of $68.92. The company has a market capitalization of $8.58 billion, a PE ratio of 23.12, a price-to-earnings-growth ratio of 2.08 and a beta of 1.08. The company has a current ratio of 2.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.97.

ATI (NYSE:ATI) last posted its earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). ATI had a net margin of 8.85% and a return on equity of 21.39%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the business posted $0.55 EPS. ATI’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, research analysts predict that ATI Inc. will post 2.27 earnings per share for the current year.

ATI announced that its Board of Directors has initiated a stock repurchase program on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

ATI 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.