ATI (NYSE:ATI) Shares Gap Up to $63.84

ATI Inc. (NYSE:ATI) gapped up before the market opened on Monday . The stock had previously closed at $63.84, but opened at $65.44. ATI shares last traded at $64.81, with a volume of 25,441 shares.

Analyst Ratings Changes

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

ATI Stock Up 2.3 %

The company has a market cap of $8.13 billion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 1.51 and a beta of 1.04. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13. The stock’s fifty day moving average is $62.60 and its two-hundred day moving average is $57.67.

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

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

Insiders Place Their Bets

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction on 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 sale, the chairman now directly owns 511,443 shares in the company, valued at $31,510,003.23. The sale 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.

Institutional Investors Weigh In On ATI

A number of hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. boosted its stake in ATI by 1,393.2% in the fourth quarter. Point72 Asset Management L.P. now owns 1,539,536 shares of the basic materials company’s stock valued at $70,003,000 after acquiring an additional 1,436,436 shares during the last quarter. Norges Bank purchased a new stake in ATI in the fourth quarter worth $55,855,000. Millennium Management LLC raised its stake 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 valued at $107,846,000 after buying an additional 1,211,273 shares during the period. Capital World Investors lifted its position in shares of ATI by 43.9% during the 1st quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company’s stock valued at $145,372,000 after buying an additional 866,310 shares during the last quarter. Finally, Frontier Capital Management Co. LLC grew its stake in shares of ATI by 19.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 3,645,644 shares of the basic materials company’s stock worth $165,767,000 after acquiring an additional 594,644 shares during the period.

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.