ATI Inc. (NYSE:ATI) Shares Purchased by Bank of Montreal Can

Bank of Montreal Can raised its position in shares of ATI Inc. (NYSE:ATI) by 38.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 157,254 shares of the basic materials company’s stock after purchasing an additional 43,648 shares during the quarter. Bank of Montreal Can owned about 0.11% of ATI worth $10,421,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Millennium Management LLC lifted its holdings 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. Senator Investment Group LP lifted its holdings in ATI by 167.6% in 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 acquiring an additional 558,138 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of ATI during the 2nd quarter valued at about $28,896,000. Cubist Systematic Strategies LLC acquired a new position in shares of ATI in the 2nd quarter worth approximately $15,869,000. Finally, Squarepoint Ops LLC grew its stake in shares of ATI by 739.2% in the 2nd quarter. Squarepoint Ops LLC now owns 308,355 shares of the basic materials company’s stock worth $17,098,000 after purchasing an additional 271,613 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ATI shares. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Benchmark reissued a “buy” rating and set a $80.00 price objective on shares of ATI in a research note on Wednesday, August 7th. Susquehanna cut their target price on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased 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. Finally, JPMorgan Chase & Co. boosted their price objective on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. The trade was a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.71% of the company’s stock.

ATI Stock Up 0.1 %

NYSE:ATI opened at $60.17 on Monday. The business’s fifty day moving average price is $60.82 and its 200 day moving average price is $60.58. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 23.14, a PEG ratio of 2.08 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. ATI Inc. has a 1-year low of $38.04 and a 1-year high of $68.92.

ATI (NYSE:ATI) last issued its earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.12 billion. ATI had a net margin of 8.85% and a return on equity of 21.39%. ATI’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS. On average, sell-side analysts forecast that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that permits the company to buyback $700.00 million in shares. This buyback authorization permits 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 board of directors believes its shares are undervalued.

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.