Eagle Asset Management Inc. Grows Stock Holdings in ATI Inc. (NYSE:ATI)

Eagle Asset Management Inc. raised its holdings in shares of ATI Inc. (NYSE:ATI) by 39.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 242,644 shares of the basic materials company’s stock after acquiring an additional 68,265 shares during the quarter. Eagle Asset Management Inc.’s holdings in ATI were worth $16,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of ATI by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock valued at $139,003,000 after purchasing an additional 102,691 shares during the period. Millennium Management LLC lifted its holdings in shares of ATI by 165.1% in the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock worth $107,846,000 after buying an additional 1,211,273 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of ATI by 4.3% in the second quarter. Federated Hermes Inc. now owns 1,702,648 shares of the basic materials company’s stock valued at $94,412,000 after acquiring an additional 70,812 shares during the period. Charles Schwab Investment Management Inc. grew its stake in ATI by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,371,239 shares of the basic materials company’s stock valued at $91,750,000 after acquiring an additional 24,224 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in ATI by 1.1% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,366,849 shares of the basic materials company’s stock valued at $75,792,000 after acquiring an additional 14,664 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have commented on ATI shares. JPMorgan Chase & Co. raised their price target on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Benchmark restated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Finally, Susquehanna decreased their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $73.71.

Insiders Place Their Bets

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction dated 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 transaction, the chairman now owns 486,443 shares in the company, valued at approximately $30,271,347.89. The trade was a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.71% of the stock is currently owned by insiders.

ATI Stock Performance

Shares of NYSE ATI opened at $59.30 on Friday. The stock’s 50-day moving average is $61.08 and its 200 day moving average is $60.59. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 22.81, a P/E/G ratio of 2.01 and a beta of 1.08. ATI Inc. has a 1-year low of $38.04 and a 1-year high of $68.92. 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 announced its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). ATI had a return on equity of 21.39% and a net margin of 8.85%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the firm posted $0.55 earnings per share. The company’s revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts anticipate that ATI Inc. will post 2.27 EPS for the current fiscal year.

ATI announced that its Board of Directors has authorized a stock buyback plan on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is 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.