Short Interest in ATI Inc. (NYSE:ATI) Declines By 54.5%

ATI Inc. (NYSE:ATI) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 2,300,000 shares, a drop of 54.5% from the August 31st total of 5,060,000 shares. Based on an average trading volume of 1,530,000 shares, the short-interest ratio is currently 1.5 days. Approximately 1.9% of the shares of the stock are sold short.

ATI Price Performance

ATI stock opened at $66.26 on Friday. The stock has a 50-day moving average price of $63.16 and a two-hundred day moving average price of $58.09. ATI has a 12 month low of $35.03 and a 12 month high of $68.92. The company has a market capitalization of $8.25 billion, a PE ratio of 26.61, a P/E/G ratio of 1.58 and a beta of 1.04. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26.

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. ATI had a net margin of 8.74% and a return on equity of 23.05%. 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 earned $0.59 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. Analysts expect that ATI will post 2.48 EPS for the current year.

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

Insiders Place Their Bets

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction on 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 completion of the sale, the chairman now directly owns 511,443 shares in the company, valued at approximately $31,510,003.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ATI. Quarry LP bought a new position in ATI during the 2nd quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of ATI during the first quarter worth $51,000. EverSource Wealth Advisors LLC raised its stake in ATI by 294.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock worth $69,000 after buying an additional 1,010 shares during the last quarter. Quest Partners LLC acquired a new position in ATI in the second quarter valued at $88,000. Finally, GAMMA Investing LLC lifted its holdings in ATI by 46.5% in the first quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock valued at $96,000 after buying an additional 593 shares during the period.

Analyst Ratings Changes

ATI has been the topic of several analyst reports. KeyCorp increased their price target on shares of ATI from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Benchmark reaffirmed a “buy” rating and issued a $80.00 target price on shares of ATI in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on ATI from $80.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. BTIG Research started coverage on ATI in a research note on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective on the stock. Finally, Susquehanna began coverage on ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.00.

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.