ATI (NYSE:ATI) to Buyback $700.00 million in Outstanding Shares

ATI (NYSE:ATI) announced that its board has initiated a stock repurchase program on Tuesday, September 3rd, RTT News reports. The company plans to buyback $700.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 9.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ATI. Deutsche Bank Aktiengesellschaft upped their price target on ATI from $80.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Northcoast Research cut shares of ATI from a “neutral” rating to a “sell” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. upped their price target on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Benchmark reaffirmed a “buy” rating and set a $80.00 target price on shares of ATI in a research note on Wednesday, August 7th. Finally, BTIG Research assumed coverage on shares of ATI in a research note on Wednesday, June 26th. They set a “buy” rating and a $70.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $74.00.

ATI Trading Up 0.3 %

ATI stock traded up $0.17 during midday trading on Thursday, hitting $59.96. 3,058,785 shares of the stock were exchanged, compared to its average volume of 1,455,987. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 1.56 and a beta of 1.04. The stock’s 50-day simple moving average is $61.61 and its 200 day simple moving average is $56.49. ATI has a fifty-two week low of $35.03 and a fifty-two week high of $68.92.

ATI (NYSE:ATI) last issued its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted $0.59 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities analysts anticipate that ATI will post 2.48 EPS for the current year.

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.