ATI (NYSE:ATI) Shares Gap Up Following Strong Earnings

ATI Inc. (NYSE:ATI) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $57.96, but opened at $64.00. ATI shares last traded at $62.90, with a volume of 684,831 shares.

The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. ATI had a return on equity of 21.39% and a net margin of 8.85%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the business posted $0.64 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis.

Analyst Ratings Changes

A number of analysts have weighed in on ATI shares. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Susquehanna increased their target price on ATI from $70.00 to $73.00 and gave the company a “positive” rating in a research report on Wednesday. Finally, StockNews.com cut ATI from a “hold” rating to a “sell” rating in a report on Wednesday, January 29th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $74.14.

Insider Buying and Selling at ATI

In other news, SVP Tina Killough Busch sold 2,598 shares of ATI stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $60.02, for a total value of $155,931.96. Following the completion of the transaction, the senior vice president now directly owns 21,553 shares of the company’s stock, valued at approximately $1,293,611.06. This trade represents a 10.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $58.99, for a total value of $1,474,750.00. Following the sale, the chairman now owns 436,443 shares in the company, valued at approximately $25,745,772.57. The trade was a 5.42 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company’s stock.

Institutional Trading of ATI

Several hedge funds have recently modified their holdings of the stock. Mountaineer Partners Management LLC boosted its stake in ATI by 4,401.2% during the third quarter. Mountaineer Partners Management LLC now owns 9,410,891 shares of the basic materials company’s stock worth $629,683,000 after acquiring an additional 9,201,818 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ATI by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,952,934 shares of the basic materials company’s stock worth $130,709,000 after acquiring an additional 5,165 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in ATI by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,371,239 shares of the basic materials company’s stock valued at $91,750,000 after acquiring an additional 24,224 shares during the period. Bank of New York Mellon Corp grew its stake in ATI by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 891,152 shares of the basic materials company’s stock valued at $49,049,000 after acquiring an additional 12,907 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of ATI by 17.8% during the fourth quarter. Principal Financial Group Inc. now owns 690,215 shares of the basic materials company’s stock valued at $37,989,000 after acquiring an additional 104,267 shares in the last quarter.

ATI Price Performance

The business has a 50-day moving average price of $57.14 and a two-hundred day moving average price of $60.20. 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 $9.38 billion, a price-to-earnings ratio of 25.29, a price-to-earnings-growth ratio of 1.52 and a beta of 1.10.

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.