Assenagon Asset Management S.A. Lowers Stock Holdings in ATI Inc. (NYSE:ATI)

Assenagon Asset Management S.A. reduced its position in shares of ATI Inc. (NYSE:ATI) by 19.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 424,909 shares of the basic materials company’s stock after selling 103,706 shares during the quarter. Assenagon Asset Management S.A.’s holdings in ATI were worth $28,431,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ATI. Capital International Investors increased its stake in shares of ATI by 1.3% during the first quarter. Capital International Investors now owns 15,409,897 shares of the basic materials company’s stock valued at $788,524,000 after purchasing an additional 203,012 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of ATI by 0.9% in the first quarter. Vanguard Group Inc. now owns 14,338,873 shares of the basic materials company’s stock valued at $733,720,000 after acquiring an additional 132,478 shares in the last quarter. Capital World Investors grew its position in shares of ATI by 43.9% during the first quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company’s stock valued at $145,372,000 after purchasing an additional 866,310 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in ATI by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock valued at $139,003,000 after purchasing an additional 102,691 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in ATI by 165.1% during the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock worth $107,846,000 after buying an additional 1,211,273 shares during the period.

Insider Transactions at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’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 completion of the transaction, the chairman now owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.71% of the company’s stock.

ATI Price Performance

Shares of ATI opened at $61.38 on Friday. 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 firm has a 50-day simple moving average of $63.40 and a 200-day simple moving average of $60.00. ATI Inc. has a fifty-two week low of $36.65 and a fifty-two week high of $68.92. The company has a market capitalization of $7.64 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 1.42 and a beta of 1.04.

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 the consensus estimate 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%. ATI’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.59 earnings per share. On average, equities research analysts anticipate that ATI Inc. will post 2.47 earnings per share for the current year.

ATI announced that its board has initiated a share repurchase plan 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 reacquire up to 9.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Susquehanna started coverage on ATI in a research report on Thursday, September 5th. They set a “positive” rating and a $75.00 price target on the stock. KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday. Benchmark restated a “buy” rating and issued a $80.00 price objective on shares of ATI in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.43.

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.