Point72 Asset Management L.P. Buys 254,019 Shares of ATI Inc. (NYSE:ATI)

Point72 Asset Management L.P. increased its stake in ATI Inc. (NYSE:ATI) by 95.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 519,877 shares of the basic materials company’s stock after purchasing an additional 254,019 shares during the period. Point72 Asset Management L.P. owned approximately 0.42% of ATI worth $28,827,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new position in ATI in the 2nd quarter valued at about $15,869,000. Aristeia Capital L.L.C. acquired a new stake in shares of ATI during the 2nd quarter valued at $573,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in ATI by 67.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 162,753 shares of the basic materials company’s stock worth $9,025,000 after acquiring an additional 65,753 shares during the last quarter. Point72 DIFC Ltd bought a new position in ATI in the second quarter valued at about $2,544,000. Finally, Marshall Wace LLP grew its holdings in shares of ATI by 412.0% during the second quarter. Marshall Wace LLP now owns 51,408 shares of the basic materials company’s stock worth $2,851,000 after purchasing an additional 41,367 shares during the last quarter.

Insider Activity at ATI

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

ATI Stock Down 0.2 %

ATI stock opened at $65.32 on Friday. The firm has a market capitalization of $8.13 billion, a PE ratio of 26.23, a P/E/G ratio of 1.58 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. ATI Inc. has a twelve month low of $35.03 and a twelve month high of $68.92. The stock’s 50 day moving average is $63.01 and its 200-day moving average is $57.97.

ATI (NYSE:ATI) last issued its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The business 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%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $0.59 EPS. Sell-side analysts expect that ATI Inc. will post 2.48 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts have issued reports on ATI shares. 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 research report on Wednesday, August 21st. BTIG Research initiated coverage on ATI in a research note on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of ATI from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Susquehanna started coverage on shares of ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price target on the stock. Finally, Northcoast Research cut shares of ATI from a “neutral” rating to a “sell” rating in a research report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $74.00.

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.