ATI (NYSE:ATI) Shares Gap Up on Better-Than-Expected Earnings

ATI Inc. (NYSE:ATI) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $57.96, but opened at $64.00. ATI shares last traded at $62.90, with a volume of 684,831 shares trading hands.

The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.19. ATI had a net margin of 8.85% and a return on equity of 21.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com downgraded shares of ATI from a “hold” rating to a “sell” rating in a report on Wednesday, January 29th. KeyCorp downgraded shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Finally, Susquehanna lowered their target price on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $73.71.

Insider Buying and Selling at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $58.99, for a total transaction of $1,474,750.00. Following the completion of the transaction, the chairman now owns 436,443 shares of the company’s stock, valued at approximately $25,745,772.57. This trade represents a 5.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Tina Killough Busch sold 2,598 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $60.02, for a total value of $155,931.96. Following the transaction, the senior vice president now directly owns 21,553 shares of the company’s stock, valued at $1,293,611.06. This represents a 10.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.05% of the company’s stock.

Hedge Funds Weigh In On ATI

A number of hedge funds have recently bought and sold shares of ATI. Hantz Financial Services Inc. bought a new position in ATI during the 3rd quarter valued at about $765,000. Franklin Resources Inc. increased its holdings in ATI by 16.2% in the 3rd quarter. Franklin Resources Inc. now owns 445,746 shares of the basic materials company’s stock worth $27,993,000 after acquiring an additional 61,999 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in ATI by 16.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 77,022 shares of the basic materials company’s stock worth $5,154,000 after acquiring an additional 11,154 shares in the last quarter. Covea Finance increased its holdings in ATI by 32.7% in the 4th quarter. Covea Finance now owns 65,000 shares of the basic materials company’s stock worth $3,578,000 after acquiring an additional 16,000 shares in the last quarter. Finally, Forest Avenue Capital Management LP purchased a new stake in ATI in the 3rd quarter worth approximately $28,700,000.

ATI Stock Up 9.1 %

The company’s fifty day moving average is $56.97 and its 200-day moving average is $60.13. The company has a market capitalization of $9.02 billion, a PE ratio of 24.33, a price-to-earnings-growth ratio of 1.52 and a beta of 1.10. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94.

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.