ATI (NYSE:ATI) Shares Gap Up on Earnings Beat

Shares of ATI Inc. (NYSE:ATI) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $57.96, but opened at $64.00. ATI shares last traded at $62.90, with a volume of 684,831 shares trading hands.

The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.19. ATI had a net margin of 8.85% and a return on equity of 21.39%.

Analyst Ratings Changes

A number of research firms recently weighed in on ATI. Susquehanna decreased their target price on shares of ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Finally, StockNews.com cut shares of ATI from a “hold” rating to a “sell” rating in a research report on Wednesday, January 29th. 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.71.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $58.99, for a total transaction of $1,474,750.00. Following the transaction, the chairman now owns 436,443 shares in the company, valued at approximately $25,745,772.57. This represents a 5.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Tina Killough Busch sold 2,598 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $60.02, for a total transaction of $155,931.96. Following the transaction, the senior vice president now owns 21,553 shares in the company, valued at approximately $1,293,611.06. The trade was a 10.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Mountaineer Partners Management LLC grew its stake in shares of ATI by 4,401.2% in the 3rd quarter. Mountaineer Partners Management LLC now owns 9,410,891 shares of the basic materials company’s stock worth $629,683,000 after acquiring an additional 9,201,818 shares in the last quarter. Forest Avenue Capital Management LP bought a new stake in shares of ATI in the 3rd quarter worth $28,700,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of ATI by 177.7% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 451,982 shares of the basic materials company’s stock worth $30,242,000 after acquiring an additional 289,229 shares in the last quarter. Holocene Advisors LP bought a new stake in shares of ATI in the 3rd quarter worth $18,928,000. Finally, Artemis Investment Management LLP bought a new stake in shares of ATI in the 4th quarter worth $8,103,000.

ATI Stock Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94. The stock has a market cap of $9.02 billion, a P/E ratio of 24.33, a price-to-earnings-growth ratio of 1.52 and a beta of 1.10. The company’s 50 day moving average price is $56.97 and its 200-day moving average price is $60.13.

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.