ATI Inc. (NYSE:ATI) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its stake in shares of ATI Inc. (NYSE:ATI) by 98.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,741 shares of the basic materials company’s stock after selling 7,905,614 shares during the quarter. Thrivent Financial for Lutherans’ holdings in ATI were worth $6,540,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Millennium Management LLC increased its position in shares of ATI by 165.1% in the 2nd quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock valued at $107,846,000 after acquiring an additional 1,211,273 shares during the period. Senator Investment Group LP increased its holdings in shares of ATI by 167.6% in the second quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company’s stock valued at $49,414,000 after purchasing an additional 558,138 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of ATI in the second quarter worth about $28,896,000. Cubist Systematic Strategies LLC acquired a new stake in shares of ATI during the second quarter worth about $15,869,000. Finally, Squarepoint Ops LLC boosted its position in ATI by 739.2% in the second quarter. Squarepoint Ops LLC now owns 308,355 shares of the basic materials company’s stock valued at $17,098,000 after buying an additional 271,613 shares during the last quarter.

ATI Price Performance

Shares of ATI stock opened at $59.30 on Friday. The firm has a market cap of $8.46 billion, a PE ratio of 22.81, a P/E/G ratio of 2.01 and a beta of 1.08. ATI Inc. has a twelve month low of $38.04 and a twelve month high of $68.92. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. The business has a 50-day moving average price of $61.08 and a 200 day moving average price of $60.59.

ATI (NYSE:ATI) last posted its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 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 business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the firm earned $0.55 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Sell-side analysts predict that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI declared that its board has authorized a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ATI has been the subject of several research reports. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. upped 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. Deutsche Bank Aktiengesellschaft lifted their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Benchmark restated a “buy” rating and issued a $80.00 target price on shares of ATI in a research note on Wednesday, August 7th. Finally, Susquehanna reduced their price target on ATI from $75.00 to $70.00 and set a “positive” rating for the company 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.71.

Insiders Place Their Bets

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. This represents a 4.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.71% of the stock is currently owned by company insiders.

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.