Swiss National Bank Sells 1,700 Shares of ATI Inc. (NYSE:ATI)

Swiss National Bank lessened its stake in ATI Inc. (NYSE:ATI) by 0.7% in the third quarter, HoldingsChannel reports. The fund owned 243,100 shares of the basic materials company’s stock after selling 1,700 shares during the period. Swiss National Bank’s holdings in ATI were worth $16,266,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in shares of ATI by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock valued at $139,003,000 after acquiring an additional 102,691 shares during the last quarter. Millennium Management LLC raised its position in ATI by 165.1% during 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 purchasing an additional 1,211,273 shares during the last quarter. Federated Hermes Inc. raised its position in ATI by 4.3% during the 2nd quarter. Federated Hermes Inc. now owns 1,702,648 shares of the basic materials company’s stock valued at $94,412,000 after purchasing an additional 70,812 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in ATI by 1.1% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,366,849 shares of the basic materials company’s stock valued at $75,792,000 after purchasing an additional 14,664 shares during the last quarter. Finally, Senator Investment Group LP raised its position in ATI by 167.6% during the 2nd 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 last quarter.

ATI Stock Performance

ATI stock opened at $59.30 on Friday. 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 company has a market capitalization of $8.46 billion, a P/E ratio of 22.81, a PEG ratio of 2.01 and a beta of 1.08. The stock’s 50 day moving average is $61.08 and its 200 day moving average is $60.59. ATI Inc. has a twelve month low of $38.04 and a twelve month high of $68.92.

ATI (NYSE:ATI) last posted its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.06). The company 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 in the previous year, the company earned $0.55 EPS. On average, equities research analysts predict that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 3rd that allows the company to buyback $700.00 million in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

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 stock was sold at an average price of $62.23, for a total value of $1,555,750.00. Following the sale, 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 filing with the SEC, which is available at this hyperlink. 0.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ATI has been the subject of a number of recent analyst reports. KeyCorp lowered ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft upped their price target on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Susquehanna lowered 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. Benchmark reissued a “buy” rating and issued a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, ATI has an average rating of “Moderate Buy” and an average target price of $73.71.

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.