Glenmede Trust Co. NA Boosts Position in ATI Inc. (NYSE:ATI)

Glenmede Trust Co. NA grew its position in ATI Inc. (NYSE:ATI) by 3.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 21,100 shares of the basic materials company’s stock after purchasing an additional 753 shares during the period. Glenmede Trust Co. NA’s holdings in ATI were worth $1,412,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new stake in ATI in the 2nd quarter valued at about $26,000. UMB Bank n.a. increased its stake in shares of ATI by 557.0% during the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 791 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of ATI by 294.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock worth $69,000 after purchasing an additional 1,010 shares during the last quarter. Quest Partners LLC purchased a new stake in ATI in the 2nd quarter valued at approximately $88,000. Finally, GAMMA Investing LLC grew its holdings in ATI by 66.0% during the 3rd quarter. GAMMA Investing LLC now owns 3,344 shares of the basic materials company’s stock valued at $224,000 after buying an additional 1,330 shares during the last quarter.

ATI Stock Performance

NYSE:ATI opened at $60.17 on Monday. The company has a market cap of $8.58 billion, a P/E ratio of 23.14, a P/E/G ratio of 2.08 and a beta of 1.08. The firm’s 50 day moving average is $60.82 and its two-hundred day moving average is $60.58. ATI Inc. has a fifty-two week low of $38.04 and a fifty-two week high of $68.92. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97.

ATI (NYSE:ATI) last issued its earnings results 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 return on equity of 21.39% and a net margin of 8.85%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the business posted $0.55 earnings per share. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. Analysts expect that ATI Inc. will post 2.27 EPS for the current year.

ATI announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total value of $1,555,750.00. Following the transaction, the chairman now owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Susquehanna decreased their price target on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Benchmark restated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.71.

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.