ATI (NYSE:ATI) Downgraded by KeyCorp to Sector Weight

KeyCorp cut shares of ATI (NYSE:ATI) from an overweight rating to a sector weight rating in a research note released on Thursday, Marketbeat.com reports.

A number of other equities analysts also recently commented on ATI. Susquehanna began coverage on shares of ATI in a research report on Thursday, September 5th. They set a “positive” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft increased their target price on shares of ATI from $81.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. BTIG Research started coverage on ATI in a research note on Wednesday, June 26th. They set a “buy” rating and a $70.00 price target for the company. Finally, Benchmark restated a “buy” rating and set a $80.00 price objective on shares of ATI in a research report on Wednesday, August 7th. 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $74.43.

ATI Trading Down 2.2 %

Shares of NYSE:ATI opened at $61.47 on Thursday. ATI has a 52 week low of $36.21 and a 52 week high of $68.92. The company’s 50 day moving average is $63.45 and its two-hundred day moving average is $59.93. The company has a market cap of $7.65 billion, a PE ratio of 24.11, a P/E/G ratio of 1.42 and a beta of 1.04. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26.

ATI (NYSE:ATI) last posted its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the company posted $0.59 earnings per share. ATI’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts predict that ATI will post 2.47 earnings per share for the current fiscal year.

ATI announced that its board has initiated a stock repurchase 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 buy up to 9.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of ATI stock in a transaction dated 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 in the company, valued at $30,271,347.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in ATI during the second quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of ATI in the 1st quarter valued at about $51,000. UMB Bank n.a. grew its holdings 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 during the period. EverSource Wealth Advisors LLC increased its position in 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 in the last quarter. Finally, Quest Partners LLC purchased a new position in ATI in the second quarter valued at approximately $88,000.

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.