ATI (NYSE:ATI) Shares Gap Up After Strong Earnings

ATI Inc. (NYSE:ATI)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $57.96, but opened at $64.00. ATI shares last traded at $62.90, with a volume of 684,831 shares.

The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.07 billion. ATI had a return on equity of 21.39% and a net margin of 8.85%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ATI shares. StockNews.com lowered shares of ATI from a “hold” rating to a “sell” rating in a research report on Wednesday, January 29th. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Finally, Susquehanna reduced their price objective on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, ATI has an average rating of “Hold” and an average price target of $73.71.

Insider Transactions at ATI

In related news, SVP Tina Killough Busch sold 2,598 shares of ATI stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $60.02, for a total value of $155,931.96. Following the transaction, the senior vice president now directly owns 21,553 shares of the company’s stock, valued at $1,293,611.06. This trade represents a 10.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $58.99, for a total value of $1,474,750.00. Following the sale, the chairman now owns 436,443 shares of the company’s stock, valued at $25,745,772.57. The trade was a 5.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.05% of the company’s stock.

Institutional Trading of ATI

Several institutional investors and hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC boosted its stake in shares of ATI by 3.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,383 shares of the basic materials company’s stock valued at $360,000 after purchasing an additional 172 shares in the last quarter. CIBC Asset Management Inc lifted its stake in ATI by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,915 shares of the basic materials company’s stock valued at $215,000 after purchasing an additional 192 shares during the last quarter. Hantz Financial Services Inc. boosted its position in ATI by 2.1% in the fourth quarter. Hantz Financial Services Inc. now owns 11,680 shares of the basic materials company’s stock valued at $643,000 after buying an additional 240 shares in the last quarter. KBC Group NV increased its holdings in shares of ATI by 12.9% during the third quarter. KBC Group NV now owns 3,362 shares of the basic materials company’s stock worth $225,000 after buying an additional 385 shares in the last quarter. Finally, Souders Financial Advisors lifted its stake in shares of ATI by 6.1% in the 3rd quarter. Souders Financial Advisors now owns 7,125 shares of the basic materials company’s stock valued at $477,000 after acquiring an additional 411 shares during the last quarter.

ATI Stock Performance

The company has a market cap of $9.08 billion, a price-to-earnings ratio of 24.48, a P/E/G ratio of 1.52 and a beta of 1.10. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94. The company has a fifty day moving average of $57.03 and a two-hundred day moving average of $60.16.

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.