ATI (NYSE:ATI) Shares Gap Up on Strong Earnings

Shares of ATI Inc. (NYSE:ATI) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $54.38, but opened at $58.50. ATI shares last traded at $59.45, with a volume of 249,052 shares.

The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.07 billion. ATI had a return on equity of 21.16% and a net margin of 8.43%. The business’s revenue was up 9.7% compared to the same quarter last year. During the same period last year, the business posted $0.48 EPS.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. KeyCorp raised shares of ATI from a “sector weight” rating to an “overweight” rating and set a $55.00 target price for the company in a research report on Wednesday, April 23rd. Barclays raised their price objective on ATI from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Susquehanna upped their target price on ATI from $70.00 to $73.00 and gave the company a “positive” rating in a research report on Wednesday, February 5th. Benchmark reissued a “buy” rating and issued a $81.00 price target on shares of ATI in a report on Monday, April 21st. Finally, StockNews.com upgraded shares of ATI from a “sell” rating to a “hold” rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, ATI has an average rating of “Moderate Buy” and an average price target of $73.29.

Insider Activity

In related news, SVP Tina Killough Busch sold 9,900 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $66.41, for a total transaction of $657,459.00. Following the completion of the transaction, the senior vice president now owns 25,994 shares of the company’s stock, valued at $1,726,261.54. This trade represents a 27.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On ATI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ATI. ORG Wealth Partners LLC purchased a new stake in shares of ATI in the fourth quarter worth about $25,000. Golden State Wealth Management LLC lifted its holdings in ATI by 104.1% in the first quarter. Golden State Wealth Management LLC now owns 596 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 304 shares during the period. Bessemer Group Inc. boosted its position in ATI by 139.9% in the 1st quarter. Bessemer Group Inc. now owns 662 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 386 shares in the last quarter. Olde Wealth Management LLC acquired a new stake in shares of ATI during the 1st quarter worth approximately $36,000. Finally, Fifth Third Bancorp increased its holdings in shares of ATI by 115.7% during the 1st quarter. Fifth Third Bancorp now owns 1,124 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 603 shares in the last quarter.

ATI Stock Performance

The firm’s 50 day moving average is $51.46 and its 200-day moving average is $55.89. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 0.85 and a beta of 0.80. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.32 and a current ratio of 2.44.

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.