ATI (NYSE:ATI) Releases FY 2024 Earnings Guidance

ATI (NYSE:ATI) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.240-2.300 for the period, compared to the consensus estimate of 2.450. The company issued revenue guidance of -. ATI also updated its FY24 guidance to $2.24-2.30 EPS.

ATI Trading Down 2.8 %

ATI stock traded down $1.51 during midday trading on Thursday, hitting $52.70. 2,539,621 shares of the company’s stock were exchanged, compared to its average volume of 1,447,517. The stock’s fifty day moving average price is $63.02 and its 200-day moving average price is $60.20. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13. The company has a market cap of $6.56 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 1.38 and a beta of 1.04. ATI has a one year low of $36.70 and a one year high of $68.92.

ATI (NYSE:ATI) last posted its earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.06). The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.12 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. The business’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Research analysts predict that ATI will post 2.47 earnings per share for the current fiscal year.

ATI announced that its Board of Directors has approved a share 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 repurchase up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ATI has been the topic of a number of research reports. Benchmark restated a “buy” rating and issued a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted 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 lifted 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. Susquehanna lowered their target price on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday. Finally, KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $73.71.

Insider Transactions at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.05% of the company’s stock.

About ATI

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.