Forest Avenue Capital Management LP Purchases Shares of 428,929 ATI Inc. (NYSE:ATI)

Forest Avenue Capital Management LP acquired a new stake in shares of ATI Inc. (NYSE:ATI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 428,929 shares of the basic materials company’s stock, valued at approximately $28,700,000. ATI comprises about 3.5% of Forest Avenue Capital Management LP’s holdings, making the stock its 14th biggest holding. Forest Avenue Capital Management LP owned 0.30% of ATI at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of ATI by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock worth $139,003,000 after buying an additional 102,691 shares during the period. Millennium Management LLC increased its position in shares of ATI by 165.1% in the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock valued at $107,846,000 after acquiring an additional 1,211,273 shares during the period. Federated Hermes Inc. raised its stake in shares of ATI by 4.3% during the second quarter. Federated Hermes Inc. now owns 1,702,648 shares of the basic materials company’s stock valued at $94,412,000 after acquiring an additional 70,812 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of ATI by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,371,239 shares of the basic materials company’s stock worth $91,750,000 after purchasing an additional 24,224 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of ATI by 1.1% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,366,849 shares of the basic materials company’s stock worth $75,792,000 after purchasing an additional 14,664 shares during the last quarter.

Insider Activity at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total value of $1,555,750.00. Following the transaction, the chairman now directly owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This represents a 4.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.05% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ATI shares. JPMorgan Chase & Co. increased their price objective on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Benchmark reaffirmed a “buy” rating and set a $80.00 target price on shares of ATI in a research note on Wednesday, August 7th. Finally, Susquehanna decreased their target price on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. One equities research analyst has 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

ATI Stock Performance

Shares of ATI opened at $60.63 on Wednesday. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. The stock has a market cap of $8.65 billion, a P/E ratio of 23.32, a P/E/G ratio of 2.08 and a beta of 1.08. The business’s 50 day moving average price is $61.05 and its 200-day moving average price is $60.59. ATI Inc. has a 52 week low of $38.04 and a 52 week high of $68.92.

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

ATI declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 9.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors 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.