Citigroup Inc. Cuts Stock Holdings in ATI Inc. (NYSE:ATI)

Citigroup Inc. lessened its stake in shares of ATI Inc. (NYSE:ATI) by 79.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 79,329 shares of the basic materials company’s stock after selling 300,070 shares during the period. Citigroup Inc. owned about 0.06% of ATI worth $5,308,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP bought a new position in ATI in the 2nd quarter worth about $26,000. UMB Bank n.a. grew its stake in shares of ATI by 557.0% in the third quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 791 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in ATI by 294.5% in 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 bought a new stake in shares of ATI during the second quarter valued at approximately $88,000. Finally, nVerses Capital LLC bought a new stake in ATI during the second quarter worth about $205,000.

Insider Buying and Selling at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the completion of the transaction, the chairman now directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Benchmark reissued a “buy” rating and issued a $80.00 target price on shares of ATI in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped 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. KeyCorp lowered ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lifted their target price on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Finally, Susquehanna dropped their target price on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.71.

ATI Trading Up 0.1 %

Shares of ATI stock opened at $60.17 on Monday. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92. The firm’s 50 day simple moving average is $60.82 and its two-hundred day simple moving average is $60.58. The company has a current ratio of 2.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.97. 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.

ATI (NYSE:ATI) last issued its earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). The firm 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 revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business earned $0.55 EPS. Analysts predict that ATI Inc. will post 2.27 EPS for the current year.

ATI declared that its board has initiated a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $700.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is 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.