Pallas Capital Advisors LLC Acquires Shares of 5,000 ATI Inc. (NYSE:ATI)

Pallas Capital Advisors LLC bought a new stake in ATI Inc. (NYSE:ATI) in the third quarter, HoldingsChannel reports. The firm bought 5,000 shares of the basic materials company’s stock, valued at approximately $307,000.

Several other hedge funds also recently made changes to their positions in the company. Millennium Management LLC raised its holdings in ATI by 165.1% in the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company’s stock worth $107,846,000 after purchasing an additional 1,211,273 shares in the last quarter. Capital World Investors increased its stake in shares of ATI by 43.9% in 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 in the last quarter. Senator Investment Group LP lifted its position in ATI by 167.6% during the 2nd quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company’s stock valued at $49,414,000 after acquiring an additional 558,138 shares during the period. Driehaus Capital Management LLC bought a new stake in ATI during the second quarter worth about $28,896,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in ATI in the second quarter worth about $15,869,000.

ATI Price Performance

NYSE ATI opened at $52.70 on Friday. ATI Inc. has a one year low of $36.70 and a one year high of $68.92. The stock has a 50-day moving average of $63.02 and a 200 day moving average of $60.20. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 1.38 and a beta of 1.04.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.06). ATI had a net margin of 8.74% and a return on equity of 23.05%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the firm earned $0.55 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that ATI Inc. will post 2.47 EPS for the current year.

ATI announced that its Board of Directors has approved a share buyback plan on Tuesday, September 3rd that allows the company to buyback $700.00 million in shares. This buyback authorization allows the basic materials company to purchase up to 9.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ATI shares. JPMorgan Chase & Co. lifted their target price on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Susquehanna cut their target price on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday. Benchmark restated a “buy” rating and set a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted 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. Finally, KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, ATI presently has a consensus rating of “Moderate Buy” and an average target price of $73.71.

Insider Activity

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total value of $1,555,750.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.05% 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.