Forest Avenue Capital Management LP Takes $28.70 Million Position in ATI Inc. (NYSE:ATI)

Forest Avenue Capital Management LP bought a new position in ATI Inc. (NYSE:ATI) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 428,929 shares of the basic materials company’s stock, valued at approximately $28,700,000. ATI comprises approximately 3.5% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 14th biggest position.

Other large investors have also added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC grew its stake in shares of ATI by 3.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,113 shares of the basic materials company’s stock valued at $364,000 after purchasing an additional 224 shares during the period. Jane Street Group LLC increased its holdings in ATI by 11.0% during the first quarter. Jane Street Group LLC now owns 106,237 shares of the basic materials company’s stock valued at $5,436,000 after buying an additional 10,561 shares during the last quarter. Tidal Investments LLC increased its holdings in ATI by 143.8% during the first quarter. Tidal Investments LLC now owns 11,312 shares of the basic materials company’s stock valued at $579,000 after buying an additional 6,673 shares during the last quarter. Comerica Bank raised its holdings in ATI by 137.2% in the 1st quarter. Comerica Bank now owns 141,243 shares of the basic materials company’s stock worth $7,227,000 after purchasing an additional 81,708 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of ATI by 294.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after buying an additional 1,010 shares in the last quarter.

Analyst Ratings Changes

ATI has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Susquehanna cut their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Finally, Benchmark reaffirmed a “buy” rating and set a $80.00 price target on shares of ATI in a research note on Wednesday, August 7th. One 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’s stock. According to data from MarketBeat.com, ATI has a consensus rating of “Moderate Buy” and an average target price of $73.71.

ATI Trading Up 0.8 %

Shares of NYSE ATI opened at $60.63 on Wednesday. ATI Inc. has a twelve month low of $38.04 and a twelve month high of $68.92. 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 business has a fifty day simple moving average of $61.05 and a two-hundred day simple moving average of $60.59. The firm has a market cap of $8.65 billion, a PE ratio of 23.32, a price-to-earnings-growth ratio of 2.08 and a beta of 1.08.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). ATI had a return on equity of 21.39% and a net margin of 8.85%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the company earned $0.55 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. Analysts expect that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI declared that its board has initiated a stock repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction on 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 transaction, the chairman now directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.05% 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.