Oregon Public Employees Retirement Fund Cuts Position in ATI Inc. (NYSE:ATI)

Oregon Public Employees Retirement Fund reduced its stake in shares of ATI Inc. (NYSE:ATI) by 11.5% in the second quarter, HoldingsChannel reports. The firm owned 30,221 shares of the basic materials company’s stock after selling 3,940 shares during the period. Oregon Public Employees Retirement Fund’s holdings in ATI were worth $1,676,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ATI. Versor Investments LP purchased a new stake in ATI during the fourth quarter valued at approximately $544,000. BNP Paribas Financial Markets boosted its position in shares of ATI by 80.3% in the 4th quarter. BNP Paribas Financial Markets now owns 212,734 shares of the basic materials company’s stock worth $9,673,000 after purchasing an additional 94,734 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in ATI by 6.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,317,722 shares of the basic materials company’s stock worth $105,394,000 after buying an additional 139,694 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in ATI by 12.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,901 shares of the basic materials company’s stock valued at $268,000 after buying an additional 634 shares in the last quarter. Finally, EFG Asset Management North America Corp. purchased a new stake in ATI in the fourth quarter valued at about $1,718,000.

ATI Trading Down 3.0 %

NYSE ATI opened at $58.13 on Friday. ATI Inc. has a 1 year low of $35.03 and a 1 year high of $68.92. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.13 and a quick ratio of 1.07. The company has a market capitalization of $7.23 billion, a PE ratio of 23.35, a P/E/G ratio of 1.46 and a beta of 1.04. The company has a fifty day moving average of $61.67 and a 200 day moving average of $56.66.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business posted $0.59 EPS. The company’s revenue was up 5.2% on a year-over-year basis. Research analysts forecast that ATI Inc. will post 2.48 earnings per share for the current year.

ATI announced that its board has approved a stock buyback program on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 9.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. BTIG Research began coverage on shares of ATI in a research note on Wednesday, June 26th. They issued a “buy” rating and a $70.00 target price for the company. Benchmark reiterated a “buy” rating and set a $80.00 price objective on shares of ATI in a research note on Wednesday, August 7th. KeyCorp upped their target price on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Susquehanna initiated coverage on ATI in a report on Thursday. They issued a “positive” rating and a $75.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $74.00.

ATI 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.