Holocene Advisors LP Acquires New Stake in ATI Inc. (NYSE:ATI)

Holocene Advisors LP acquired a new stake in ATI Inc. (NYSE:ATI) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 282,890 shares of the basic materials company’s stock, valued at approximately $18,928,000. Holocene Advisors LP owned about 0.20% of ATI as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ATI. Jane Street Group LLC increased its stake in ATI by 11.0% in the 1st quarter. Jane Street Group LLC now owns 106,237 shares of the basic materials company’s stock worth $5,436,000 after buying an additional 10,561 shares during the period. Tidal Investments LLC increased its position in shares of ATI by 143.8% during the first quarter. Tidal Investments LLC now owns 11,312 shares of the basic materials company’s stock worth $579,000 after acquiring an additional 6,673 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of ATI by 294.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after acquiring an additional 1,010 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of ATI in the second quarter valued at approximately $757,000. Finally, SG Americas Securities LLC grew its stake in ATI by 202.7% in the second quarter. SG Americas Securities LLC now owns 27,450 shares of the basic materials company’s stock worth $1,522,000 after purchasing an additional 18,381 shares in the last quarter.

ATI Trading Down 0.8 %

NYSE:ATI opened at $59.70 on Tuesday. The firm has a 50 day moving average of $60.82 and a 200 day moving average of $60.58. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. ATI Inc. has a 52 week low of $38.04 and a 52 week high of $68.92. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 22.96, a PEG ratio of 2.08 and a beta of 1.09.

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

ATI announced that its Board of Directors has approved a share buyback program on Tuesday, September 3rd that permits the company to buyback $700.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ATI shares. Benchmark reaffirmed a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. StockNews.com lowered shares of ATI from a “hold” rating to a “sell” rating in a research note on Monday. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price target on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Susquehanna dropped their price objective 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 research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, ATI has an average rating of “Hold” and a consensus target price of $73.71.

Insider Transactions at ATI

In other 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 transaction of $1,555,750.00. Following the completion of the sale, the chairman now directly owns 486,443 shares in the company, 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.05% of the company’s stock.

ATI 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.