ATI (NYSE:ATI) Issues FY 2024 Earnings Guidance

ATI (NYSE:ATI) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.240-2.300 for the period, compared to the consensus earnings per share estimate of 2.450. The company issued revenue guidance of -. ATI also updated its FY24 guidance to $2.24-2.30 EPS.

ATI Trading Down 9.8 %

Shares of NYSE:ATI traded down $6.17 on Tuesday, reaching $57.05. 2,683,919 shares of the company traded hands, compared to its average volume of 1,418,127. The stock has a market capitalization of $7.10 billion, a P/E ratio of 22.63, a price-to-earnings-growth ratio of 1.38 and a beta of 1.04. The business’s 50-day simple moving average is $63.37 and its 200 day simple moving average is $60.20. 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 has a 52 week low of $36.70 and a 52 week high of $68.92.

ATI (NYSE:ATI) last announced its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm earned $0.59 EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts anticipate that ATI will post 2.47 EPS for the current fiscal year.

ATI announced that its board has approved a share buyback plan on Tuesday, September 3rd that permits the company to buyback $700.00 million in shares. This buyback authorization permits the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Benchmark reissued a “buy” rating and issued a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price target on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. KeyCorp lowered ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Susquehanna began coverage on ATI in a report on Thursday, September 5th. They set a “positive” rating and a $75.00 target price for the company. Finally, JPMorgan Chase & Co. raised their price target on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.43.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the completion of the transaction, the chairman now owns 486,443 shares of the company’s stock, valued at $30,271,347.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.05% of the stock is currently owned by insiders.

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.