Assenagon Asset Management S.A. boosted its position in shares of ATI Inc. (NYSE:ATI – Free Report) by 735.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 355,202 shares of the basic materials company’s stock after acquiring an additional 312,699 shares during the period. Assenagon Asset Management S.A. owned 0.28% of ATI worth $16,151,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of ATI by 3.8% during the third quarter. Vanguard Group Inc. now owns 14,354,401 shares of the basic materials company’s stock valued at $381,970,000 after buying an additional 527,117 shares during the last quarter. State Street Corp grew its holdings in shares of ATI by 14.8% in the first quarter. State Street Corp now owns 9,941,032 shares of the basic materials company’s stock valued at $266,817,000 after purchasing an additional 1,279,827 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of ATI by 5.1% in the second quarter. Geode Capital Management LLC now owns 2,477,149 shares of the basic materials company’s stock valued at $109,564,000 after purchasing an additional 120,072 shares in the last quarter. Palestra Capital Management LLC grew its holdings in shares of ATI by 839.0% in the third quarter. Palestra Capital Management LLC now owns 2,190,728 shares of the basic materials company’s stock valued at $90,148,000 after purchasing an additional 1,957,416 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of ATI in the fourth quarter valued at $50,336,000.
Insiders Place Their Bets
In other ATI news, VP Timothy J. Harris sold 6,325 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $42.44, for a total value of $268,433.00. Following the sale, the vice president now owns 109,331 shares in the company, valued at approximately $4,640,007.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Elliot S. Davis sold 1,789 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $43.06, for a total transaction of $77,034.34. Following the completion of the transaction, the insider now directly owns 136,050 shares of the company’s stock, valued at approximately $5,858,313. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Timothy J. Harris sold 6,325 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $42.44, for a total value of $268,433.00. Following the transaction, the vice president now directly owns 109,331 shares of the company’s stock, valued at $4,640,007.64. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.
ATI Stock Performance
NYSE ATI traded up $0.23 during trading hours on Thursday, reaching $51.15. The stock had a trading volume of 1,033,856 shares, compared to its average volume of 1,400,263. The stock has a fifty day moving average of $45.62 and a 200 day moving average of $43.30. The stock has a market cap of $6.54 billion, a P/E ratio of 20.51 and a beta of 1.21. ATI Inc. has a 52-week low of $34.10 and a 52-week high of $51.95. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.53 and a current ratio of 2.80.
ATI (NYSE:ATI – Get Free Report) last issued its earnings results on Thursday, February 1st. The basic materials company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. ATI had a return on equity of 24.64% and a net margin of 8.81%. ATI’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Sell-side analysts predict that ATI Inc. will post 2.34 earnings per share for the current year.
ATI declared that its board has approved a stock buyback plan on Wednesday, November 29th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Analyst Upgrades and Downgrades
ATI has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and set a $53.00 price objective on shares of ATI in a research note on Monday, December 4th. TheStreet raised shares of ATI from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. Finally, KeyCorp lifted their price objective on ATI from $49.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.80.
View Our Latest Analysis on ATI
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.
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