ATI Inc. (NYSE:ATI – Get Free Report) saw a significant drop in short interest in December. As of December 15th, there was short interest totalling 6,360,000 shares, a drop of 14.1% from the November 30th total of 7,400,000 shares. Based on an average daily trading volume, of 1,360,000 shares, the short-interest ratio is presently 4.7 days. Approximately 5.0% of the shares of the stock are short sold.
ATI Trading Down 1.8 %
Shares of NYSE:ATI traded down $0.81 on Monday, reaching $45.47. 782,600 shares of the company traded hands, compared to its average volume of 1,223,374. The business’s 50-day simple moving average is $42.38 and its 200 day simple moving average is $42.85. ATI has a 52 week low of $29.37 and a 52 week high of $47.92. The stock has a market capitalization of $5.80 billion, a P/E ratio of 22.18 and a beta of 1.25. The company has a current ratio of 3.13, a quick ratio of 1.50 and a debt-to-equity ratio of 1.58.
ATI (NYSE:ATI – Get Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. ATI had a return on equity of 24.94% and a net margin of 7.25%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.02 billion. As a group, equities analysts anticipate that ATI will post 2.25 EPS for the current fiscal year.
ATI announced that its board has initiated a stock buyback program on Wednesday, November 29th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of brokerages recently issued reports on ATI. Benchmark reiterated a “buy” rating and issued a $53.00 price objective on shares of ATI in a research report on Monday, December 4th. KeyCorp increased their price objective on ATI from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, December 1st. Finally, StockNews.com began coverage on ATI in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, ATI presently has an average rating of “Moderate Buy” and an average target price of $50.33.
Institutional Trading of ATI
Large investors have recently modified their holdings of the business. Inspire Investing LLC lifted its holdings in ATI by 3.3% in the second quarter. Inspire Investing LLC now owns 7,118 shares of the basic materials company’s stock worth $315,000 after buying an additional 227 shares during the period. Evergreen Capital Management LLC lifted its holdings in ATI by 4.1% in the third quarter. Evergreen Capital Management LLC now owns 6,582 shares of the basic materials company’s stock worth $271,000 after buying an additional 258 shares during the period. Belpointe Asset Management LLC lifted its holdings in ATI by 65.3% in the first quarter. Belpointe Asset Management LLC now owns 843 shares of the basic materials company’s stock worth $33,000 after buying an additional 333 shares during the period. Metropolitan Life Insurance Co NY lifted its holdings in ATI by 5.1% in the second quarter. Metropolitan Life Insurance Co NY now owns 7,047 shares of the basic materials company’s stock worth $312,000 after buying an additional 345 shares during the period. Finally, Covestor Ltd lifted its holdings in ATI by 148.1% in the second quarter. Covestor Ltd now owns 603 shares of the basic materials company’s stock worth $27,000 after buying an additional 360 shares during the period.
ATI Company Profile
ATI Inc manufactures and sells specialty materials and 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, 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.