Magnetar Financial LLC Invests $2.28 Million in ATI Inc. (NYSE:ATI)

Magnetar Financial LLC acquired a new position in shares of ATI Inc. (NYSE:ATI) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 41,033 shares of the basic materials company’s stock, valued at approximately $2,275,000.

Other large investors have also modified their holdings of the company. Benjamin F. Edwards & Company Inc. acquired a new stake in ATI during the 1st quarter worth approximately $51,000. EverSource Wealth Advisors LLC increased its position in ATI by 294.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock worth $69,000 after purchasing an additional 1,010 shares in the last quarter. Quest Partners LLC acquired a new stake in ATI during the 2nd quarter worth approximately $88,000. GAMMA Investing LLC increased its position in ATI by 46.5% during the 1st quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock worth $96,000 after purchasing an additional 593 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in ATI by 211.5% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 2,651 shares of the basic materials company’s stock worth $121,000 after purchasing an additional 1,800 shares in the last quarter.

Insider Transactions at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction on 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 transaction, the chairman now directly owns 511,443 shares in the company, valued at $31,510,003.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ATI. Deutsche Bank Aktiengesellschaft increased their target price on shares of ATI from $80.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. BTIG Research initiated coverage on shares of ATI in a research report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective for the company. Susquehanna initiated coverage on shares of ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price objective for the company. Benchmark reaffirmed a “buy” rating and issued a $80.00 price objective on shares of ATI in a research report on Wednesday, August 7th. Finally, 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 report on Monday, August 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.00.

ATI Stock Up 1.9 %

ATI stock opened at $65.03 on Tuesday. ATI Inc. has a twelve month low of $35.03 and a twelve month high of $68.92. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $8.09 billion, a P/E ratio of 26.12, a PEG ratio of 1.51 and a beta of 1.04. The firm has a 50 day simple moving average of $62.72 and a 200-day simple moving average of $57.77.

ATI (NYSE:ATI) last released its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. ATI had a net margin of 8.74% and a return on equity of 23.05%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company earned $0.59 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities research 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 stock buyback program on Tuesday, September 3rd that permits the company to buyback $700.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors 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.