Mutual of America Capital Management LLC Cuts Stock Holdings in ATI Inc. (NYSE:ATI)

Mutual of America Capital Management LLC reduced its stake in ATI Inc. (NYSE:ATI) by 4.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,829 shares of the basic materials company’s stock after selling 6,260 shares during the period. Mutual of America Capital Management LLC owned approximately 0.10% of ATI worth $7,199,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. raised its position in ATI by 1,393.2% in the 4th quarter. Point72 Asset Management L.P. now owns 1,539,536 shares of the basic materials company’s stock valued at $70,003,000 after purchasing an additional 1,436,436 shares in the last quarter. Norges Bank purchased a new position in ATI in the fourth quarter worth approximately $55,855,000. Capital World Investors lifted its stake in ATI by 43.9% in the first quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company’s stock worth $145,372,000 after acquiring an additional 866,310 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of ATI by 19.5% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,645,644 shares of the basic materials company’s stock valued at $165,767,000 after purchasing an additional 594,644 shares during the last quarter. Finally, Senator Investment Group LP acquired a new stake in shares of ATI in the 1st quarter valued at $17,040,000.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ATI. Susquehanna initiated coverage on shares of ATI in a research note on Thursday, September 5th. They set a “positive” rating and a $75.00 target price for the company. Benchmark reiterated a “buy” rating and issued a $80.00 price objective on shares of ATI in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Northcoast Research downgraded ATI from a “neutral” rating to a “sell” rating in a report on Friday, June 14th. Finally, KeyCorp raised their price objective on shares of ATI from $66.00 to $67.00 and gave the stock an “overweight” rating in a 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. According to MarketBeat, ATI presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.

ATI Stock Performance

Shares of ATI opened at $64.68 on Friday. The company’s 50 day simple moving average is $62.36 and its 200-day simple moving average is $57.41. The firm has a market cap of $8.05 billion, a PE ratio of 25.85, a price-to-earnings-growth ratio of 1.51 and a beta of 1.04. ATI Inc. has a 12-month low of $35.03 and a 12-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.

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

ATI announced that its board has approved a stock buyback program on Tuesday, September 3rd that permits the company to repurchase $700.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 9.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 511,443 shares of the company’s stock, valued at approximately $31,510,003.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.71% of the stock is currently owned by insiders.

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.