46,146 Shares in ATI Inc. (NYSE:ATI) Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC bought a new stake in ATI Inc. (NYSE:ATI) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 46,146 shares of the basic materials company’s stock, valued at approximately $3,088,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP purchased a new position in shares of ATI in the second quarter worth approximately $26,000. UMB Bank n.a. increased its holdings in ATI by 557.0% during the third quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock valued at $62,000 after buying an additional 791 shares during the last quarter. Quest Partners LLC bought a new position in ATI in the second quarter worth approximately $88,000. nVerses Capital LLC purchased a new position in shares of ATI during the 2nd quarter worth $205,000. Finally, Forum Financial Management LP bought a new stake in shares of ATI during the 2nd quarter valued at $211,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ATI. KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. raised their target price 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. StockNews.com upgraded shares of ATI from a “sell” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Susquehanna decreased their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.71.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $58.99, for a total value of $1,474,750.00. Following the completion of the transaction, the chairman now directly owns 436,443 shares of the company’s stock, valued at $25,745,772.57. This trade represents a 5.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Tina Killough Busch sold 2,598 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $60.02, for a total transaction of $155,931.96. Following the sale, the senior vice president now owns 21,553 shares in the company, valued at $1,293,611.06. This represents a 10.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,598 shares of company stock valued at $3,186,432 in the last quarter. 0.71% of the stock is currently owned by insiders.

ATI Price Performance

Shares of NYSE:ATI opened at $56.51 on Tuesday. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of 21.73, a P/E/G ratio of 1.95 and a beta of 1.09. The firm has a fifty day moving average price of $59.15 and a 200 day moving average price of $60.37. ATI Inc. has a fifty-two week low of $38.04 and a fifty-two week high of $68.92. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.06). ATI had a net margin of 8.85% and a return on equity of 21.39%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the company earned $0.55 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts expect that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI declared that its Board of Directors has approved a stock repurchase plan 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 plans are generally a sign that the company’s management 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.