ATI Inc. (NYSE:ATI) Shares Sold by State Street Corp

State Street Corp lessened its stake in shares of ATI Inc. (NYSE:ATI) by 5.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,413,734 shares of the basic materials company’s stock after selling 303,287 shares during the quarter. State Street Corp owned 3.80% of ATI worth $362,233,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. SG Americas Securities LLC lifted its position in ATI by 202.7% during the 2nd quarter. SG Americas Securities LLC now owns 27,450 shares of the basic materials company’s stock worth $1,522,000 after acquiring an additional 18,381 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of ATI by 22.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,397 shares of the basic materials company’s stock worth $798,000 after purchasing an additional 2,646 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of ATI by 17.6% in the second quarter. Assenagon Asset Management S.A. now owns 528,615 shares of the basic materials company’s stock valued at $29,312,000 after purchasing an additional 79,285 shares during the period. Raymond James & Associates grew its holdings in ATI by 318.6% during the 2nd quarter. Raymond James & Associates now owns 46,050 shares of the basic materials company’s stock valued at $2,553,000 after purchasing an additional 35,048 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in ATI during the 2nd quarter worth $226,000.

Analysts Set New Price Targets

Several analysts have recently weighed in on ATI shares. StockNews.com downgraded ATI from a “hold” rating to a “sell” rating in a research note on Monday, December 2nd. Deutsche Bank Aktiengesellschaft raised 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. upped 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. KeyCorp downgraded shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Finally, Susquehanna cut their price target on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, ATI currently has an average rating of “Hold” and an average price target of $73.71.

ATI Stock Performance

ATI stock opened at $56.69 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.94 and a quick ratio of 1.44. ATI Inc. has a 12 month low of $38.04 and a 12 month high of $68.92. The company has a fifty day moving average price of $59.99 and a two-hundred day moving average price of $60.52. The company has a market cap of $8.09 billion, a PE ratio of 21.80, a P/E/G ratio of 1.99 and a beta of 1.09.

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

ATI announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, SVP Tina Killough Busch sold 2,598 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $60.02, for a total transaction of $155,931.96. Following the completion of the transaction, the senior vice president now owns 21,553 shares of the company’s stock, valued at approximately $1,293,611.06. The trade was a 10.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction dated 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 completion of the sale, the chairman now directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,598 shares of company stock valued at $4,726,682. 0.71% of the stock is currently owned by insiders.

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.