ATI (NYSE:ATI) Downgraded by KeyCorp to Sector Weight

ATI (NYSE:ATI) was downgraded by equities research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Benchmark reiterated a “buy” rating and issued a $80.00 price objective on shares of ATI in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price 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. BTIG Research assumed coverage on shares of ATI in a research note on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Susquehanna started coverage on shares of ATI in a report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.43.

ATI Price Performance

Shares of ATI opened at $61.38 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. The company’s fifty day simple moving average is $63.40 and its 200 day simple moving average is $60.00. ATI has a 1-year low of $36.65 and a 1-year high of $68.92. The company has a market cap of $7.64 billion, a price-to-earnings ratio of 24.65, a PEG ratio of 1.42 and a beta of 1.04.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. ATI had a net margin of 8.74% and a return on equity of 23.05%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business earned $0.59 EPS. ATI’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts forecast that ATI will post 2.47 earnings per share for the current fiscal year.

ATI announced that its board has initiated a share buyback plan on Tuesday, September 3rd that allows the company to repurchase $700.00 million in shares. This repurchase authorization allows the basic materials company to buy up to 9.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at ATI

In other 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 transaction of $1,555,750.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.71% of the company’s stock.

Institutional Trading of ATI

Several large investors have recently modified their holdings of the stock. Quarry LP bought a new stake in shares of ATI during the 2nd quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of ATI in the 1st quarter valued at $51,000. UMB Bank n.a. increased its stake in shares of ATI by 557.0% in the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 791 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of ATI by 294.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after purchasing an additional 1,010 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of ATI during the 2nd quarter worth $88,000.

About ATI

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.