Eagle Asset Management Inc. Purchases 68,265 Shares of ATI Inc. (NYSE:ATI)

Eagle Asset Management Inc. grew its position in ATI Inc. (NYSE:ATI) by 39.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 242,644 shares of the basic materials company’s stock after purchasing an additional 68,265 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.17% of ATI worth $16,235,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Quarry LP bought a new stake in ATI during the second quarter valued at $26,000. UMB Bank n.a. boosted its position in shares of ATI by 557.0% during the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 791 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in ATI by 294.5% during the first 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 during the period. Quest Partners LLC bought a new stake in ATI in the second quarter worth approximately $88,000. Finally, GAMMA Investing LLC lifted its stake in ATI by 66.0% in the third quarter. GAMMA Investing LLC now owns 3,344 shares of the basic materials company’s stock valued at $224,000 after buying an additional 1,330 shares during the period.

ATI Stock Up 2.0 %

Shares of NYSE:ATI opened at $59.30 on Friday. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 2.01 and a beta of 1.08. The business’s 50 day moving average is $61.08 and its 200 day moving average is $60.59. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97.

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

ATI announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. 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 research report on Wednesday, October 30th. Benchmark reissued a “buy” rating and set a $80.00 price objective on shares of ATI in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft increased their price target on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

Insider Buying and Selling at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction 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 sale, the chairman now directly owns 486,443 shares in the company, valued at $30,271,347.89. The trade was a 4.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.71% of the company’s stock.

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.