ATI (NYSE:ATI) Issues Earnings Results, Misses Expectations By $0.06 EPS

ATI (NYSE:ATI) issued its quarterly earnings data on Tuesday. The basic materials company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.06), Briefing.com reports. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.55 earnings per share.

ATI Trading Down 4.6 %

Shares of ATI stock opened at $54.19 on Thursday. ATI has a 1 year low of $36.70 and a 1 year high of $68.92. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13. The company has a market capitalization of $6.74 billion, a P/E ratio of 21.25, a PEG ratio of 1.38 and a beta of 1.04. The company’s fifty day moving average is $63.02 and its two-hundred day moving average is $60.20.

Insider Activity

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the completion of the sale, the chairman now directly owns 511,443 shares in the company, valued at $31,510,003.23. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.05% of the company’s stock.

Wall Street Analysts Forecast Growth

ATI has been the topic of several recent analyst reports. Benchmark reissued a “buy” rating and set a $80.00 price objective on shares of ATI in a research report on Wednesday, August 7th. Susquehanna lowered 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. JPMorgan Chase & Co. raised their target price on shares of ATI from $65.00 to $75.00 and gave the stock 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 note on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

ATI declared that its Board of Directors has initiated a stock buyback program 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 repurchase up to 9.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is 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.