Hudson Bay Capital Management LP Takes Position in ATI Inc. (NYSE:ATI)

Hudson Bay Capital Management LP acquired a new stake in ATI Inc. (NYSE:ATI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 201,613 shares of the basic materials company’s stock, valued at approximately $11,097,000.

Several other hedge funds and other institutional investors have also modified their holdings of ATI. Capital World Investors lifted its stake in shares of ATI by 100.5% in the 4th quarter. Capital World Investors now owns 6,875,576 shares of the basic materials company’s stock valued at $378,432,000 after purchasing an additional 3,446,919 shares in the last quarter. Dendur Capital LP lifted its stake in shares of ATI by 601.7% in the 4th quarter. Dendur Capital LP now owns 3,567,000 shares of the basic materials company’s stock valued at $196,328,000 after purchasing an additional 3,058,628 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of ATI by 15.2% in the 4th quarter. Vanguard Group Inc. now owns 15,335,409 shares of the basic materials company’s stock valued at $844,061,000 after purchasing an additional 2,020,313 shares in the last quarter. Norges Bank acquired a new position in shares of ATI in the 4th quarter valued at about $85,047,000. Finally, Capital International Investors lifted its stake in shares of ATI by 5.4% in the 4th quarter. Capital International Investors now owns 15,901,561 shares of the basic materials company’s stock valued at $875,190,000 after purchasing an additional 817,182 shares in the last quarter.

Insiders Place Their Bets

In other news, Chairman Robert S. Wetherbee sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $68.18, for a total value of $3,409,000.00. Following the completion of the sale, the chairman now directly owns 506,538 shares in the company, valued at approximately $34,535,760.84. The trade was a 8.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.

ATI Price Performance

ATI stock opened at $71.46 on Monday. The company has a quick ratio of 1.32, a current ratio of 2.44 and a debt-to-equity ratio of 0.88. ATI Inc. has a 52-week low of $39.23 and a 52-week high of $75.94. The stock’s 50 day moving average is $52.71 and its two-hundred day moving average is $56.03. The company has a market capitalization of $10.08 billion, a PE ratio of 28.02, a P/E/G ratio of 0.85 and a beta of 1.01.

ATI (NYSE:ATI) last posted its quarterly earnings data on Thursday, May 1st. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. ATI had a return on equity of 21.16% and a net margin of 8.43%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the business earned $0.48 EPS. ATI’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts predict that ATI Inc. will post 2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

ATI has been the topic of several analyst reports. Barclays raised their target price on ATI from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Benchmark reiterated a “buy” rating and set a $81.00 target price on shares of ATI in a report on Monday, April 21st. StockNews.com upgraded ATI from a “sell” rating to a “hold” rating in a report on Thursday, February 6th. KeyCorp upgraded ATI from a “sector weight” rating to an “overweight” rating and set a $55.00 target price on the stock in a report on Wednesday, April 23rd. Finally, Susquehanna raised their target price on ATI from $70.00 to $73.00 and gave the company a “positive” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $76.14.

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.