Amalgamated Bank Reduces Stock Holdings in ATI Inc. (NYSE:ATI)

Amalgamated Bank lowered its stake in ATI Inc. (NYSE:ATI) by 17.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,952 shares of the basic materials company’s stock after selling 8,297 shares during the period. Amalgamated Bank’s holdings in ATI were worth $2,606,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in shares of ATI by 68.3% during the first quarter. Janney Montgomery Scott LLC now owns 27,473 shares of the basic materials company’s stock valued at $1,406,000 after buying an additional 11,149 shares during the period. SG Americas Securities LLC purchased a new position in shares of ATI during the 1st quarter worth approximately $464,000. Susquehanna Fundamental Investments LLC bought a new position in shares of ATI in the 1st quarter worth approximately $763,000. Concurrent Investment Advisors LLC purchased a new position in shares of ATI in the 1st quarter valued at approximately $215,000. Finally, ProShare Advisors LLC boosted its position in shares of ATI by 7.4% during the first quarter. ProShare Advisors LLC now owns 25,981 shares of the basic materials company’s stock valued at $1,329,000 after purchasing an additional 1,789 shares in the last quarter.

Insider Buying and Selling at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total value of $1,555,750.00. Following the transaction, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.71% of the company’s stock.

ATI Trading Up 1.7 %

Shares of ATI stock opened at $58.29 on Monday. The stock has a market capitalization of $8.31 billion, a P/E ratio of 22.42, a P/E/G ratio of 2.01 and a beta of 1.08. The company has a current ratio of 2.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.97. The firm’s 50 day moving average is $61.62 and its 200 day moving average is $60.51. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92.

ATI (NYSE:ATI) last released its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.12 billion. ATI had a return on equity of 21.39% and a net margin of 8.85%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business earned $0.55 earnings per share. Research analysts expect that ATI Inc. will post 2.27 earnings per share for the current 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 outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ATI shares. JPMorgan Chase & Co. raised their price objective on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. KeyCorp cut ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Susquehanna reduced their price objective on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. Benchmark reissued a “buy” rating and issued a $80.00 target price on shares of ATI in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. One 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’s stock. Based on data from MarketBeat.com, ATI presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

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.