Profund Advisors LLC Sells 3,261 Shares of ATI Inc. (NYSE:ATI)

Profund Advisors LLC decreased its position in ATI Inc. (NYSE:ATI) by 44.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,113 shares of the basic materials company’s stock after selling 3,261 shares during the quarter. Profund Advisors LLC’s holdings in ATI were worth $228,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ATI. Benjamin F. Edwards & Company Inc. bought a new stake in ATI during the first quarter worth about $51,000. EverSource Wealth Advisors LLC grew its position in ATI by 294.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock worth $69,000 after acquiring an additional 1,010 shares during the last quarter. Quest Partners LLC acquired a new stake in ATI during the 2nd quarter valued at $88,000. GAMMA Investing LLC raised its position in ATI by 46.5% in the 1st quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock valued at $96,000 after purchasing an additional 593 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its stake in ATI by 103,225.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,133 shares of the basic materials company’s stock worth $182,000 after purchasing an additional 4,129 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Benchmark restated a “buy” rating and issued a $80.00 target price on shares of ATI in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Northcoast Research cut shares of ATI from a “neutral” rating to a “sell” rating in a research note on Friday, June 14th. BTIG Research assumed coverage on shares of ATI in a research report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, Susquehanna initiated coverage on ATI in a research report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.00.

ATI Stock Performance

ATI stock opened at $66.27 on Friday. 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 Inc. has a twelve month low of $35.03 and a twelve month high of $68.92. The business’s fifty day moving average is $63.16 and its 200-day moving average is $58.16. The company has a market cap of $8.25 billion, a P/E ratio of 26.61, a price-to-earnings-growth ratio of 1.58 and a beta of 1.04.

ATI (NYSE:ATI) last posted its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.59 EPS. Equities research analysts forecast that ATI Inc. will post 2.48 EPS for the current year.

ATI announced that its Board of Directors has initiated a stock repurchase program on Tuesday, September 3rd that allows the company to repurchase $700.00 million in shares. This repurchase authorization allows the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $61.61, for a total value of $1,540,250.00. Following the completion of the transaction, the chairman now owns 511,443 shares of the company’s stock, valued at approximately $31,510,003.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.71% of the company’s stock.

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.