41,033 Shares in ATI Inc. (NYSE:ATI) Bought by Magnetar Financial LLC

Magnetar Financial LLC bought a new stake in ATI Inc. (NYSE:ATI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 41,033 shares of the basic materials company’s stock, valued at approximately $2,275,000.

A number of other hedge funds also recently added to or reduced their stakes in ATI. Vanguard Personalized Indexing Management LLC lifted its stake in ATI by 12.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,901 shares of the basic materials company’s stock valued at $268,000 after buying an additional 634 shares during the last quarter. Norges Bank acquired a new position in shares of ATI during the fourth quarter valued at $55,855,000. UBS Group AG increased its holdings in shares of ATI by 156.8% during the fourth quarter. UBS Group AG now owns 157,369 shares of the basic materials company’s stock valued at $7,156,000 after purchasing an additional 96,078 shares during the period. Quest Partners LLC acquired a new position in shares of ATI during the fourth quarter valued at $174,000. Finally, US Bancorp DE increased its holdings in shares of ATI by 10.2% during the fourth quarter. US Bancorp DE now owns 19,748 shares of the basic materials company’s stock valued at $898,000 after purchasing an additional 1,831 shares during the period.

Insider Buying and Selling

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the completion of the sale, the chairman now directly owns 511,443 shares in the company, valued at approximately $31,510,003.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.71% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised their price target on ATI from $80.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Susquehanna began coverage on ATI in a report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price on the stock. KeyCorp lifted their target price on ATI from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Northcoast Research lowered ATI from a “neutral” rating to a “sell” rating in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.00.

ATI Trading Up 1.9 %

Shares of ATI opened at $65.03 on Tuesday. The business’s 50-day moving average price is $62.72 and its 200 day moving average price is $57.77. The stock has a market capitalization of $8.09 billion, a P/E ratio of 26.12, a P/E/G ratio of 1.51 and a beta of 1.04. ATI Inc. has a 1-year low of $35.03 and a 1-year high of $68.92. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26.

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

ATI announced that its Board of Directors has approved a share buyback program on Tuesday, September 3rd that allows the company to buyback $700.00 million in shares. This buyback authorization allows the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock buyback programs are often a sign 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.