ATI Inc. (NYSE:ATI) Stock Position Raised by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of ATI Inc. (NYSE:ATI) by 177.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 451,982 shares of the basic materials company’s stock after purchasing an additional 289,229 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in ATI were worth $30,242,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ATI. Millennium Management LLC increased its position in shares of ATI by 165.1% in the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock worth $107,846,000 after acquiring an additional 1,211,273 shares in the last quarter. Senator Investment Group LP boosted its stake in ATI by 167.6% in the 2nd quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company’s stock worth $49,414,000 after purchasing an additional 558,138 shares during the period. Driehaus Capital Management LLC purchased a new position in ATI during the 2nd quarter worth approximately $28,896,000. Forest Avenue Capital Management LP acquired a new stake in ATI during the 3rd quarter valued at $28,700,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ATI in the second quarter valued at $15,869,000.

ATI Stock Performance

ATI stock opened at $60.18 on Friday. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $8.58 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 2.08 and a beta of 1.08. ATI Inc. has a 12 month low of $38.04 and a 12 month high of $68.92. The firm has a 50 day moving average of $60.89 and a two-hundred day moving average of $60.58.

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). ATI had a return on equity of 21.39% and a net margin of 8.85%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the firm posted $0.55 earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities analysts anticipate that ATI Inc. will post 2.27 EPS for the current fiscal year.

ATI announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 9.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ATI shares. JPMorgan Chase & Co. lifted their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. KeyCorp cut ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Benchmark reissued a “buy” rating and issued a $80.00 price target on shares of ATI in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Finally, Susquehanna decreased their target price on shares of ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $73.71.

Insider Buying and Selling at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction 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 sale, the chairman now owns 486,443 shares in the company, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

ATI 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.