Louisiana State Employees Retirement System Sells 2,400 Shares of ATI Inc. (NYSE:ATI)

Louisiana State Employees Retirement System trimmed its holdings in ATI Inc. (NYSE:ATI) by 3.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,200 shares of the basic materials company’s stock after selling 2,400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in ATI were worth $4,028,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ATI. Quarry LP bought a new position in ATI in the 2nd quarter worth approximately $26,000. UMB Bank n.a. boosted its stake in ATI by 557.0% in the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 791 shares during the period. EverSource Wealth Advisors LLC boosted its stake in ATI by 294.5% in the 1st 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 position in ATI in the 2nd quarter worth approximately $88,000. Finally, nVerses Capital LLC bought a new position in shares of ATI during the 2nd quarter valued at approximately $205,000.

ATI Stock Performance

NYSE:ATI opened at $61.38 on Friday. The stock’s fifty day moving average is $63.40 and its 200 day moving average is $60.05. ATI Inc. has a fifty-two week low of $36.65 and a fifty-two week high of $68.92. The firm has a market capitalization of $7.64 billion, a PE ratio of 24.65, a PEG ratio of 1.42 and a beta of 1.04. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

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

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

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total value of $1,555,750.00. Following the sale, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

ATI has been the subject of a number of research reports. KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. increased 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. Benchmark reiterated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Finally, Susquehanna initiated coverage on ATI in a research report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.43.

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.