Aristeia Capital L.L.C. Makes New $573,000 Investment in ATI Inc. (NYSE:ATI)

Aristeia Capital L.L.C. bought a new stake in ATI Inc. (NYSE:ATI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,328 shares of the basic materials company’s stock, valued at approximately $573,000.

A number of other institutional investors also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. acquired a new stake in ATI during the 1st quarter valued at $51,000. EverSource Wealth Advisors LLC raised its holdings in shares of ATI by 294.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after buying an additional 1,010 shares during the last quarter. Quest Partners LLC acquired a new position in ATI during the 2nd quarter worth about $88,000. GAMMA Investing LLC grew its holdings in ATI by 46.5% during the 1st quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock worth $96,000 after acquiring an additional 593 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in ATI by 211.5% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 2,651 shares of the basic materials company’s stock valued at $121,000 after acquiring an additional 1,800 shares in the last quarter.

Insider Activity at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the transaction, the chairman now directly owns 511,443 shares in the company, valued at $31,510,003.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.71% of the stock is owned by corporate insiders.

ATI Price Performance

ATI stock opened at $65.03 on Tuesday. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $8.09 billion, a P/E ratio of 26.12, a PEG ratio of 1.51 and a beta of 1.04. The business has a 50-day moving average of $62.72 and a 200-day moving average of $57.77. ATI Inc. has a 1 year low of $35.03 and a 1 year high of $68.92.

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

ATI announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 3rd that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the basic materials company to buy up to 9.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

ATI has been the topic of several research analyst reports. Northcoast Research cut shares of ATI from a “neutral” rating to a “sell” rating in a research note on Friday, June 14th. Deutsche Bank Aktiengesellschaft increased their price objective on ATI from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. KeyCorp upped their price target on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Susquehanna began coverage on ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price objective for the company. Finally, Benchmark restated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, ATI has an average rating of “Moderate Buy” and a consensus target price of $74.00.

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.