ATI Inc. (NYSE:ATI) Shares Sold by Tidal Investments LLC

Tidal Investments LLC trimmed its holdings in ATI Inc. (NYSE:ATI) by 22.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,865 shares of the basic materials company’s stock after selling 2,315 shares during the period. Tidal Investments LLC’s holdings in ATI were worth $526,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of ATI in the second quarter valued at about $26,000. UMB Bank n.a. lifted its stake in ATI by 557.0% in the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock valued at $62,000 after buying an additional 791 shares in the last quarter. Quest Partners LLC acquired a new stake in ATI during the 2nd quarter valued at $88,000. GAMMA Investing LLC increased its position in ATI by 66.0% during the third quarter. GAMMA Investing LLC now owns 3,344 shares of the basic materials company’s stock worth $224,000 after buying an additional 1,330 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of ATI by 12.9% in the third quarter. KBC Group NV now owns 3,362 shares of the basic materials company’s stock worth $225,000 after acquiring an additional 385 shares during the last quarter.

ATI Stock Performance

NYSE:ATI opened at $54.46 on Monday. The company has a market cap of $7.77 billion, a P/E ratio of 20.95, a P/E/G ratio of 1.95 and a beta of 1.09. The firm’s 50 day moving average is $58.45 and its two-hundred day moving average is $60.21. 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 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). The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.12 billion. ATI had a net margin of 8.85% and a return on equity of 21.39%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.55 earnings per share. Analysts expect that ATI Inc. will post 2.27 EPS for the current year.

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

Insider Activity

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $58.99, for a total value of $1,474,750.00. Following the completion of the transaction, the chairman now owns 436,443 shares in the company, valued at $25,745,772.57. This represents a 5.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Tina Killough Busch sold 2,598 shares of ATI stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $60.02, for a total transaction of $155,931.96. Following the sale, the senior vice president now owns 21,553 shares in the company, valued at $1,293,611.06. This represents a 10.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,598 shares of company stock valued at $3,186,432. Company insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Susquehanna cut their price objective on shares of ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. StockNews.com upgraded shares of ATI from a “sell” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, KeyCorp downgraded ATI from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $73.71.

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.