Driehaus Capital Management LLC Buys Shares of 521,118 ATI Inc. (NYSE:ATI)

Driehaus Capital Management LLC bought a new stake in shares of ATI Inc. (NYSE:ATI) in the second quarter, Holdings Channel reports. The fund bought 521,118 shares of the basic materials company’s stock, valued at approximately $28,896,000.

Other hedge funds have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. acquired a new position in shares of ATI during the first quarter valued at approximately $51,000. EverSource Wealth Advisors LLC raised its holdings in shares of ATI by 294.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after acquiring an additional 1,010 shares during the last quarter. Quest Partners LLC acquired a new position in shares of ATI during the second quarter valued at approximately $88,000. GAMMA Investing LLC raised its holdings in shares of ATI by 46.5% during the first quarter. GAMMA Investing LLC now owns 1,868 shares of the basic materials company’s stock valued at $96,000 after acquiring an additional 593 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of ATI during the second quarter valued at approximately $205,000.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’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 owns 511,443 shares of the company’s stock, valued at $31,510,003.23. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ATI shares. Susquehanna began coverage on ATI in a report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their price target on ATI from $80.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. BTIG Research began coverage on ATI in a report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price target for the company. Northcoast Research cut ATI from a “neutral” rating to a “sell” rating in a report on Friday, June 14th. Finally, KeyCorp increased their price target on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, August 12th. 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 stock. According to data from MarketBeat, ATI currently has an average rating of “Moderate Buy” and an average target price of $74.00.

ATI Price Performance

ATI stock opened at $66.27 on Friday. The business has a fifty day moving average of $63.16 and a two-hundred day moving average of $58.16. The company has a quick ratio of 1.07, a current ratio of 2.13 and a debt-to-equity ratio of 1.26. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 26.61, a price-to-earnings-growth ratio of 1.58 and a beta of 1.04. ATI Inc. has a 52-week low of $35.03 and a 52-week high of $68.92.

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 analysts’ expectations of $1.11 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 earnings per share. As a group, research analysts anticipate that ATI Inc. will post 2.48 earnings per share for the current year.

ATI declared that its board has approved a stock repurchase program on Tuesday, September 3rd that permits the company to buyback $700.00 million in shares. This buyback authorization permits the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.