The Manufacturers Life Insurance Company Sells 44,537 Shares of ATI Inc. (NYSE:ATI)

The Manufacturers Life Insurance Company reduced its holdings in shares of ATI Inc. (NYSE:ATI) by 63.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 25,341 shares of the basic materials company’s stock after selling 44,537 shares during the period. The Manufacturers Life Insurance Company’s holdings in ATI were worth $1,405,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Capital International Investors lifted its stake in shares of ATI by 1.3% during the 1st quarter. Capital International Investors now owns 15,409,897 shares of the basic materials company’s stock worth $788,524,000 after acquiring an additional 203,012 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of ATI by 0.9% during the 1st 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 last quarter. Capital World Investors lifted its stake in shares of ATI by 43.9% during the 1st 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 last quarter. Dimensional Fund Advisors LP lifted its stake in shares of ATI by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock worth $139,003,000 after acquiring an additional 102,691 shares during the last quarter. Finally, Millennium Management LLC raised its position in ATI by 165.1% during the 2nd quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock valued at $107,846,000 after purchasing an additional 1,211,273 shares in the last quarter.

Insider Activity

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 511,443 shares in the company, valued at $31,510,003.23. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.71% of the company’s stock.

ATI Trading Up 1.0 %

Shares of NYSE:ATI opened at $63.56 on Friday. The business’s 50-day moving average is $63.28 and its 200 day moving average is $59.18. ATI Inc. has a 1 year low of $35.03 and a 1 year high of $68.92. The firm has a market capitalization of $7.91 billion, a P/E ratio of 24.93, a P/E/G ratio of 1.42 and a beta of 1.04. 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 announced its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. The company 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 firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 EPS. On average, research analysts predict that ATI Inc. will post 2.47 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Benchmark reaffirmed a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Susquehanna assumed coverage on ATI in a research report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price for the company. BTIG Research assumed coverage on ATI in a research report on Wednesday, June 26th. They set a “buy” rating and a $70.00 target price for the company. JPMorgan Chase & Co. lifted their target price on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.43.

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.