ATI Inc. (NYSE:ATI) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its position in ATI Inc. (NYSE:ATI) by 35.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,618 shares of the basic materials company’s stock after selling 26,491 shares during the period. State of New Jersey Common Pension Fund D’s holdings in ATI were worth $2,696,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Capital International Investors increased its holdings in shares of ATI by 1.3% in the first quarter. Capital International Investors now owns 15,409,897 shares of the basic materials company’s stock valued at $788,524,000 after purchasing an additional 203,012 shares during the period. Vanguard Group Inc. grew its holdings in ATI by 0.9% during the first quarter. Vanguard Group Inc. now owns 14,338,873 shares of the basic materials company’s stock worth $733,720,000 after acquiring an additional 132,478 shares during the period. Frontier Capital Management Co. LLC grew its holdings in ATI by 19.5% during the fourth quarter. Frontier Capital Management Co. LLC now owns 3,645,644 shares of the basic materials company’s stock worth $165,767,000 after acquiring an additional 594,644 shares during the period. Capital World Investors grew its holdings in ATI by 43.9% during the first quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company’s stock worth $145,372,000 after acquiring an additional 866,310 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in ATI by 6.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,317,722 shares of the basic materials company’s stock worth $105,394,000 after acquiring an additional 139,694 shares during the period.

Insider Activity

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $61.61, for a total value of $1,540,250.00. Following the transaction, the chairman now owns 511,443 shares in the company, valued at $31,510,003.23. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ATI. Susquehanna began coverage on ATI in a report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price on the stock. Northcoast Research lowered ATI from a “neutral” rating to a “sell” rating in a report on Friday, June 14th. Benchmark reaffirmed a “buy” rating and set a $80.00 target price on shares of ATI in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their price objective on ATI from $80.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, KeyCorp raised their price objective on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, August 12th. One 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 stock. Based on data from MarketBeat, ATI presently has an average rating of “Moderate Buy” and an average target price of $74.00.

ATI Stock Performance

NYSE ATI opened at $62.30 on Thursday. The company has a market cap of $7.75 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 1.51 and a beta of 1.04. The stock’s 50 day simple moving average is $62.27 and its 200-day simple moving average is $57.38. 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.

ATI (NYSE:ATI) last released its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 earnings per share. As a group, equities research analysts anticipate that ATI Inc. will post 2.48 EPS for the current fiscal year.

ATI declared that its Board of Directors has approved a share 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.