Truist Financial Corp Sells 432 Shares of ATI Inc. (NYSE:ATI)

Truist Financial Corp lowered its stake in shares of ATI Inc. (NYSE:ATI) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,119 shares of the basic materials company’s stock after selling 432 shares during the period. Truist Financial Corp’s holdings in ATI were worth $395,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Senator Investment Group LP boosted its holdings in ATI by 167.6% during the second quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company’s stock worth $49,414,000 after buying an additional 558,138 shares during the last quarter. Quarry LP acquired a new stake in shares of ATI during the second quarter worth about $26,000. Creative Planning raised its position in shares of ATI by 30.0% during the second quarter. Creative Planning now owns 24,715 shares of the basic materials company’s stock worth $1,370,000 after purchasing an additional 5,705 shares during the period. Algert Global LLC raised its position in shares of ATI by 348.8% during the second quarter. Algert Global LLC now owns 24,412 shares of the basic materials company’s stock worth $1,354,000 after purchasing an additional 18,972 shares during the period. Finally, Driehaus Capital Management LLC acquired a new stake in shares of ATI during the second quarter worth about $28,896,000.

ATI Stock Up 0.5 %

Shares of ATI stock opened at $63.33 on Friday. The firm has a market cap of $7.88 billion, a PE ratio of 25.43, a P/E/G ratio of 1.41 and a beta of 1.04. ATI Inc. has a 52-week low of $35.03 and a 52-week high of $68.92. The business’s 50 day simple moving average is $63.47 and its 200 day simple moving average is $59.52. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

ATI (NYSE:ATI) last posted its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. The firm had revenue of $1.10 billion for 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 business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 EPS. On average, analysts predict that ATI Inc. will post 2.47 earnings per share for the current fiscal year.

ATI declared that its board has authorized a stock buyback program on Tuesday, September 3rd that authorizes the company to buyback $700.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the transaction, the chairman now owns 486,443 shares of the company’s stock, valued at $30,271,347.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ATI. JPMorgan Chase & Co. raised 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. KeyCorp raised their price target on 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 set a $80.00 price target on shares of ATI in a research report on Wednesday, August 7th. BTIG Research began coverage on ATI in a research report on Wednesday, June 26th. They set a “buy” rating and a $70.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their price target on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.43.

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.