Susquehanna Cuts ATI (NYSE:ATI) Price Target to $70.00

ATI (NYSE:ATI) had its price target lowered by Susquehanna from $75.00 to $70.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a positive rating on the basic materials company’s stock.

A number of other brokerages have also recently weighed in on ATI. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lifted their target price on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Benchmark restated a “buy” rating and issued a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $73.71.

ATI Stock Down 4.6 %

Shares of ATI stock opened at $54.19 on Wednesday. The business has a fifty day simple moving average of $63.02 and a 200 day simple moving average of $60.20. The stock has a market cap of $6.74 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 1.38 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. ATI has a 12 month low of $36.70 and a 12 month 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 (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.06). The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.12 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. ATI’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.55 earnings per share. Research analysts predict that ATI will post 2.47 EPS for the current year.

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

Insider Buying and Selling

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chairman now owns 486,443 shares of the company’s stock, valued at $30,271,347.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ATI

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Catalyst Capital Advisors LLC grew its holdings in shares of ATI by 12,413.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 47,427 shares of the basic materials company’s stock valued at $3,173,000 after acquiring an additional 47,048 shares in the last quarter. New York State Teachers Retirement System boosted its position in ATI by 2.4% during the third quarter. New York State Teachers Retirement System now owns 157,480 shares of the basic materials company’s stock valued at $10,537,000 after purchasing an additional 3,760 shares during the last quarter. Pallas Capital Advisors LLC acquired a new position in ATI during the third quarter valued at approximately $307,000. Wealth Enhancement Advisory Services LLC grew its stake in ATI by 13.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,333 shares of the basic materials company’s stock valued at $1,093,000 after purchasing an additional 1,936 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of ATI by 3.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,383 shares of the basic materials company’s stock worth $360,000 after purchasing an additional 172 shares during the last quarter.

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.