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.

ATI Price Performance

NYSE:ATI traded down $1.41 on Wednesday, reaching $55.41. The stock had a trading volume of 1,456,845 shares, compared to its average volume of 1,434,506. The company has a market capitalization of $6.90 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 1.38 and a beta of 1.04. ATI has a 1-year low of $36.70 and a 1-year high of $68.92. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. The stock has a fifty day moving average price of $63.24 and a 200-day moving average price of $60.24.

ATI (NYSE:ATI) last announced its earnings results 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 23.05% and a net margin of 8.74%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the firm posted $0.55 earnings per share. The company’s revenue was up 2.5% on a year-over-year basis. Research analysts forecast that ATI will post 2.47 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ATI shares. KeyCorp downgraded shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Benchmark reissued a “buy” rating and set a $80.00 price target on shares of ATI in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Susquehanna dropped their price target on shares of ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.71.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’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 completion of the transaction, the chairman now directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.05% of the stock is currently owned by company 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.