ATI (NYSE:ATI) Cut to Sector Weight at KeyCorp

KeyCorp downgraded shares of ATI (NYSE:ATI) from an overweight rating to a sector weight rating in a research note released on Thursday morning, Marketbeat.com reports.

Several other brokerages have also recently commented on ATI. Susquehanna assumed coverage on shares of ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price target on the stock. Benchmark reaffirmed a “buy” rating and issued a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their price objective on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. boosted their target price on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, BTIG Research started coverage on shares of ATI in a report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.43.

ATI Stock Performance

NYSE:ATI opened at $61.47 on Thursday. The firm has a 50-day moving average of $63.45 and a two-hundred day moving average of $59.93. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.13 and a quick ratio of 1.07. The stock has a market cap of $7.65 billion, a P/E ratio of 24.11, a PEG ratio of 1.42 and a beta of 1.04. ATI has a 1-year low of $36.21 and a 1-year high of $68.92.

ATI (NYSE:ATI) last posted its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. ATI had a net margin of 8.74% and a return on equity of 23.05%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the firm posted $0.59 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. On average, research analysts expect that ATI will post 2.47 earnings per share for the current fiscal year.

ATI declared that its board has authorized a stock buyback plan on Tuesday, September 3rd that allows the company to buyback $700.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total value of $1,555,750.00. Following the completion of the sale, the chairman now directly owns 486,443 shares of the company’s stock, valued at $30,271,347.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.71% of the company’s stock.

Institutional Trading of ATI

Hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP acquired a new position in ATI in the 2nd quarter worth about $26,000. UMB Bank n.a. increased its holdings in ATI by 557.0% in the third quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after buying an additional 791 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in ATI during the first quarter valued at approximately $51,000. EverSource Wealth Advisors LLC raised its position 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 valued at $69,000 after acquiring an additional 1,010 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in ATI in the second quarter valued at approximately $88,000.

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.