ARK Investment Management LLC Lowers Holdings in ATI Inc. (NYSE:ATI)

ARK Investment Management LLC trimmed its holdings in ATI Inc. (NYSE:ATI) by 7.6% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 3,882 shares of the basic materials company’s stock after selling 319 shares during the quarter. ARK Investment Management LLC’s holdings in ATI were worth $177,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its holdings in ATI by 735.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 355,202 shares of the basic materials company’s stock worth $16,151,000 after buying an additional 312,699 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in ATI in the 4th quarter worth about $1,698,000. Raymond James & Associates increased its holdings in ATI by 2.0% in the 4th quarter. Raymond James & Associates now owns 27,585 shares of the basic materials company’s stock worth $1,254,000 after buying an additional 529 shares in the last quarter. Insight Wealth Strategies LLC increased its holdings in ATI by 25.6% in the 4th quarter. Insight Wealth Strategies LLC now owns 46,905 shares of the basic materials company’s stock worth $2,133,000 after buying an additional 9,569 shares in the last quarter. Finally, Moody National Bank Trust Division bought a new stake in ATI in the 4th quarter worth about $217,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Benchmark restated a “buy” rating and set a $53.00 price target on shares of ATI in a research note on Monday, December 4th. TheStreet upgraded ATI from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. Finally, KeyCorp boosted their price target on ATI from $49.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.80.

Insider Buying and Selling

In other ATI news, insider Elliot S. Davis sold 1,789 shares of the stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $43.06, for a total value of $77,034.34. Following the completion of the sale, the insider now directly owns 136,050 shares in the company, valued at $5,858,313. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Elliot S. Davis sold 1,789 shares of the stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $43.06, for a total value of $77,034.34. Following the transaction, the insider now directly owns 136,050 shares of the company’s stock, valued at $5,858,313. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy J. Harris sold 6,325 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $42.44, for a total value of $268,433.00. Following the completion of the transaction, the vice president now directly owns 109,331 shares in the company, valued at $4,640,007.64. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by company insiders.

ATI Stock Up 1.4 %

NYSE ATI opened at $50.92 on Thursday. The stock has a market cap of $6.51 billion, a PE ratio of 20.29 and a beta of 1.21. ATI Inc. has a 12 month low of $34.10 and a 12 month high of $51.95. The stock’s 50 day moving average is $45.62 and its 200 day moving average is $43.30. The company has a current ratio of 2.80, a quick ratio of 1.53 and a debt-to-equity ratio of 1.45.

ATI (NYSE:ATI) last posted its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. ATI had a return on equity of 24.64% and a net margin of 8.81%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the prior year, the company earned $0.53 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. Research analysts predict that ATI Inc. will post 2.34 EPS for the current fiscal year.

ATI announced that its board has approved a stock repurchase program on Wednesday, November 29th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership 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.