Thrivent Financial for Lutherans Sells 7,905,614 Shares of ATI Inc. (NYSE:ATI)

Thrivent Financial for Lutherans reduced its stake in shares of ATI Inc. (NYSE:ATI) by 98.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,741 shares of the basic materials company’s stock after selling 7,905,614 shares during the quarter. Thrivent Financial for Lutherans owned about 0.07% of ATI worth $6,540,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ATI. Quarry LP bought a new stake in ATI in the second quarter worth $26,000. UMB Bank n.a. boosted its stake in shares of ATI by 557.0% during the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 791 shares during the period. EverSource Wealth Advisors LLC grew its holdings in 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 purchasing an additional 1,010 shares during the last quarter. Quest Partners LLC purchased a new stake in ATI in the 2nd quarter worth about $88,000. Finally, GAMMA Investing LLC boosted its position in shares of ATI by 66.0% during the third quarter. GAMMA Investing LLC now owns 3,344 shares of the basic materials company’s stock valued at $224,000 after buying an additional 1,330 shares during the period.

ATI Stock Performance

Shares of ATI stock opened at $59.30 on Friday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 2.01 and a beta of 1.08. ATI Inc. has a 52-week low of $38.04 and a 52-week 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 company’s 50 day moving average is $61.08 and its 200 day moving average is $60.59.

ATI (NYSE:ATI) last announced its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.12 billion. ATI had a net margin of 8.85% and a return on equity of 21.39%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.55 earnings per share. On average, sell-side analysts anticipate that ATI Inc. will post 2.27 EPS for the current fiscal year.

ATI declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that allows the company to buyback $700.00 million in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 9.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction on Tuesday, October 15th. The shares were 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 of the company’s stock, valued at approximately $30,271,347.89. The trade was a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ATI shares. Deutsche Bank Aktiengesellschaft raised their price target on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. boosted their target price on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Benchmark reaffirmed a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Finally, Susquehanna lowered their price target on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.71.

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.