Assenagon Asset Management S.A. Sells 103,706 Shares of ATI Inc. (NYSE:ATI)

Assenagon Asset Management S.A. lowered its holdings in ATI Inc. (NYSE:ATI) by 19.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 424,909 shares of the basic materials company’s stock after selling 103,706 shares during the quarter. Assenagon Asset Management S.A. owned about 0.34% of ATI worth $28,431,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in ATI. Quarry LP acquired a new stake in shares of ATI during the second quarter worth $26,000. UMB Bank n.a. raised its holdings in ATI by 557.0% during the third quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after acquiring an additional 791 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of ATI by 294.5% in 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 during the last quarter. Quest Partners LLC bought a new position in shares of ATI in the 2nd quarter valued at about $88,000. Finally, nVerses Capital LLC bought a new position in ATI during the second quarter worth about $205,000.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Susquehanna began coverage on ATI in a research note on Thursday, September 5th. They issued a “positive” rating and a $75.00 price target on the stock. KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Finally, Benchmark reissued a “buy” rating and issued a $80.00 price objective on shares of ATI in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.43.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the sale, the chairman now directly owns 486,443 shares of the company’s stock, valued at $30,271,347.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.71% of the company’s stock.

ATI Stock Performance

Shares of ATI opened at $61.38 on Friday. The stock has a 50 day moving average price of $63.40 and a two-hundred day moving average price of $60.00. ATI Inc. has a 52 week low of $36.65 and a 52 week high of $68.92. The firm has a market capitalization of $7.64 billion, a P/E ratio of 24.65, a P/E/G ratio of 1.42 and a beta of 1.04. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

ATI (NYSE:ATI) last posted its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. ATI had a net margin of 8.74% and a return on equity of 23.05%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business posted $0.59 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts forecast that ATI Inc. will post 2.47 earnings per share for the current fiscal year.

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

About ATI

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.