ATI Inc. (NYSE:ATI) Short Interest Update

ATI Inc. (NYSE:ATI) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 2,450,000 shares, a growth of 27.6% from the October 15th total of 1,920,000 shares. Based on an average trading volume of 1,440,000 shares, the days-to-cover ratio is presently 1.7 days.

ATI Stock Down 0.0 %

Shares of ATI stock opened at $56.17 on Friday. ATI has a 12-month low of $38.04 and a 12-month high of $68.92. The stock has a market capitalization of $8.01 billion, a P/E ratio of 21.60, a PEG ratio of 1.94 and a beta of 1.08. 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 50 day moving average price of $61.36 and a two-hundred day moving average price of $60.62.

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

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. 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. Deutsche Bank Aktiengesellschaft raised their price target on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. KeyCorp cut ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Susquehanna cut their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. Finally, Benchmark reissued a “buy” rating and issued a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ATI has a consensus rating of “Moderate Buy” and a consensus price target of $73.71.

Insiders Place Their Bets

In other ATI 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 sale, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. This represents a 4.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ATI

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC raised its stake in ATI by 202.7% during the 2nd quarter. SG Americas Securities LLC now owns 27,450 shares of the basic materials company’s stock valued at $1,522,000 after purchasing an additional 18,381 shares during the last quarter. First Hawaiian Bank acquired a new stake in ATI during the second quarter worth about $757,000. Assenagon Asset Management S.A. increased its stake in ATI by 17.6% during the second quarter. Assenagon Asset Management S.A. now owns 528,615 shares of the basic materials company’s stock valued at $29,312,000 after acquiring an additional 79,285 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in ATI by 20.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 126,978 shares of the basic materials company’s stock valued at $6,496,000 after acquiring an additional 21,887 shares during the period. Finally, Capital International Investors raised its holdings in ATI by 1.3% in the 1st quarter. Capital International Investors now owns 15,409,897 shares of the basic materials company’s stock valued at $788,524,000 after acquiring an additional 203,012 shares in the last quarter.

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.