ATI Inc. (NYSE:ATI) is Apis Capital Advisors LLC’s 10th Largest Position

Apis Capital Advisors LLC cut its stake in ATI Inc. (NYSE:ATI) by 74.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,000 shares of the basic materials company’s stock after selling 272,200 shares during the period. ATI comprises about 3.8% of Apis Capital Advisors LLC’s investment portfolio, making the stock its 10th largest position. Apis Capital Advisors LLC owned 0.08% of ATI worth $5,212,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its stake in ATI by 126.2% in the second quarter. Bank of Montreal Can now owns 113,606 shares of the basic materials company’s stock worth $6,302,000 after purchasing an additional 63,378 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of ATI by 19.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 8,064 shares of the basic materials company’s stock worth $447,000 after buying an additional 1,306 shares during the period. Magnetar Financial LLC bought a new position in shares of ATI during the 2nd quarter worth $2,275,000. Public Sector Pension Investment Board increased its stake in shares of ATI by 4.7% during the second quarter. Public Sector Pension Investment Board now owns 273,786 shares of the basic materials company’s stock valued at $15,181,000 after buying an additional 12,284 shares during the period. Finally, Beck Capital Management LLC raised its holdings in shares of ATI by 0.8% in the second quarter. Beck Capital Management LLC now owns 34,229 shares of the basic materials company’s stock valued at $1,898,000 after acquiring an additional 262 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. BTIG Research began coverage on shares of ATI in a research note on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective for the company. KeyCorp increased their price objective on shares of ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Susquehanna began coverage on shares of ATI in a report on Thursday, September 5th. They set a “positive” rating and a $75.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on ATI from $80.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ATI presently has an average rating of “Moderate Buy” and an average target price of $74.00.

Insider Buying and Selling at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the sale, the chairman now owns 511,443 shares in the company, valued at $31,510,003.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is currently owned by company insiders.

ATI Price Performance

Shares of ATI opened at $63.84 on Monday. The company has a 50 day moving average of $62.60 and a two-hundred day moving average of $57.67. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. ATI Inc. has a twelve month low of $35.03 and a twelve month high of $68.92. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 1.51 and a beta of 1.04.

ATI (NYSE:ATI) last issued its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business posted $0.59 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, analysts predict that ATI Inc. will post 2.48 earnings per share for the current fiscal year.

ATI declared that its Board of Directors has initiated a share 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 buy up to 9.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.