ATI (NYSE:ATI) Downgraded by KeyCorp to Sector Weight

ATI (NYSE:ATI) was downgraded by equities researchers at KeyCorp from an “overweight” rating to a “sector weight” rating in a note issued to investors on Thursday, MarketBeat reports.

Several other research firms have also recently weighed in on ATI. Benchmark reissued a “buy” rating and issued a $80.00 target price on shares of ATI in a research note on Wednesday, August 7th. Susquehanna started coverage on shares of ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. BTIG Research began coverage on ATI in a report on Wednesday, June 26th. They set a “buy” rating and a $70.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, ATI currently has an average rating of “Moderate Buy” and a consensus price target of $74.43.

ATI Trading Down 0.4 %

Shares of NYSE:ATI opened at $62.86 on Thursday. The stock has a market capitalization of $7.82 billion, a PE ratio of 24.65, a price-to-earnings-growth ratio of 1.42 and a beta of 1.04. The company’s 50-day moving average price is $63.51 and its two-hundred day moving average price is $59.92. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.13 and a quick ratio of 1.07. ATI has a one year low of $36.05 and a one year high of $68.92.

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

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

Insider Activity at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 486,443 shares of the company’s stock, valued at $30,271,347.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.71% of the stock is owned by insiders.

Hedge Funds Weigh In On ATI

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its holdings in shares of ATI by 3.3% during the third quarter. Sequoia Financial Advisors LLC now owns 5,383 shares of the basic materials company’s stock worth $360,000 after purchasing an additional 172 shares during the last quarter. Jade Capital Advisors LLC acquired a new stake in ATI during the 3rd quarter worth approximately $1,338,000. Raymond James & Associates grew its holdings in ATI by 159.2% during the 3rd quarter. Raymond James & Associates now owns 119,358 shares of the basic materials company’s stock worth $7,986,000 after acquiring an additional 73,308 shares during the last quarter. Bleakley Financial Group LLC acquired a new position in ATI in the 3rd quarter valued at approximately $239,000. Finally, nVerses Capital LLC increased its position in ATI by 121.6% in the 3rd quarter. nVerses Capital LLC now owns 8,200 shares of the basic materials company’s stock valued at $549,000 after acquiring an additional 4,500 shares during the period.

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.