ATI (NYSE:ATI) Announces Quarterly Earnings Results

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

ATI Trading Down 2.0 %

NYSE:ATI traded down $1.13 on Wednesday, hitting $55.69. The stock had a trading volume of 986,443 shares, compared to its average volume of 1,432,395. The company has a fifty day moving average price of $63.24 and a two-hundred day moving average price of $60.24. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. ATI has a 1-year low of $36.70 and a 1-year high of $68.92. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 1.38 and a beta of 1.04.

Analysts Set New Price Targets

ATI has been the subject of several research reports. KeyCorp downgraded shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Susquehanna lowered their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research note on Wednesday. Benchmark restated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. 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 report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One 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’s stock. According to data from MarketBeat.com, ATI currently has a consensus rating of “Moderate Buy” and an average price target of $73.71.

Insider Transactions at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s 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 transaction, the chairman now directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.05% of the company’s stock.

ATI declared that its board has authorized a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.