Appian Way Asset Management LP Lowers Stake in ATI Inc. (NYSE:ATI)

Appian Way Asset Management LP lessened its holdings in ATI Inc. (NYSE:ATI) by 5.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 162,782 shares of the basic materials company’s stock after selling 9,626 shares during the quarter. ATI comprises 2.3% of Appian Way Asset Management LP’s portfolio, making the stock its 14th largest position. Appian Way Asset Management LP owned approximately 0.13% of ATI worth $9,026,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of ATI in the first quarter worth $51,000. EverSource Wealth Advisors LLC raised its holdings in ATI by 294.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock worth $69,000 after buying an additional 1,010 shares during the last quarter. Quest Partners LLC purchased a new position in ATI in the second quarter worth about $88,000. GAMMA Investing LLC lifted its stake in shares of ATI by 46.5% in the first quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock worth $96,000 after buying an additional 593 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in shares of ATI by 211.5% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 2,651 shares of the basic materials company’s stock valued at $121,000 after acquiring an additional 1,800 shares in the last quarter.

Insider Activity at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were 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 approximately $31,510,003.23. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.71% of the stock is currently owned by corporate insiders.

ATI Stock Up 1.9 %

ATI opened at $65.03 on Tuesday. The firm’s 50 day simple moving average is $62.72 and its two-hundred day simple moving average is $57.77. The company has a market capitalization of $8.09 billion, a PE ratio of 26.12, a PEG ratio of 1.51 and a beta of 1.04. ATI Inc. has a 1-year low of $35.03 and a 1-year 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 announced its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the firm earned $0.59 EPS. ATI’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities analysts forecast that ATI Inc. will post 2.48 EPS for the current year.

ATI declared that its board has approved a share buyback program on Tuesday, September 3rd that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 9.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ATI has been the topic of several analyst reports. Benchmark reaffirmed a “buy” rating and issued a $80.00 price objective on shares of ATI in a research report on Wednesday, August 7th. BTIG Research began coverage on ATI in a research report on Wednesday, June 26th. They set a “buy” rating and a $70.00 price objective on the stock. Susquehanna started coverage on ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Northcoast Research downgraded shares of ATI from a “neutral” rating to a “sell” rating in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, ATI presently has a consensus rating of “Moderate Buy” and an average price target of $74.00.

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.