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

ATI Inc. (NYSE:ATIGet Rating)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $25.35, but opened at $27.50. ATI shares last traded at $27.35, with a volume of 19,706 shares traded.

The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.17. The firm had revenue of $959.50 million during the quarter, compared to analyst estimates of $837.33 million. ATI had a return on equity of 21.63% and a net margin of 0.36%. The company’s revenue was up 55.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.12) earnings per share.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. KeyCorp lifted their price objective on ATI from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Friday. Wolfe Research raised ATI from a “market perform” rating to an “outperform” rating and set a $33.00 price objective on the stock in a research report on Friday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, ATI has an average rating of “Moderate Buy” and a consensus price target of $29.14.

Insider Transactions at ATI

In other news, Director James C. Diggs sold 12,500 shares of the company’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $24.00, for a total value of $300,000.00. Following the completion of the sale, the director now directly owns 46,060 shares in the company, valued at approximately $1,105,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other ATI news, CAO Karl D. Schwartz sold 2,000 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $25.00, for a total value of $50,000.00. Following the completion of the sale, the chief accounting officer now owns 64,833 shares in the company, valued at approximately $1,620,825. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James C. Diggs sold 12,500 shares of the stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $24.00, for a total transaction of $300,000.00. Following the transaction, the director now directly owns 46,060 shares of the company’s stock, valued at approximately $1,105,440. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ATI. Cornerstone Advisory LLC bought a new position in shares of ATI in the 4th quarter valued at about $32,000. FNY Investment Advisers LLC lifted its holdings in shares of ATI by 1,460.0% in the 1st quarter. FNY Investment Advisers LLC now owns 1,560 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 1,460 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of ATI by 2,264.0% in the 1st quarter. National Bank of Canada FI now owns 2,364 shares of the basic materials company’s stock valued at $63,000 after acquiring an additional 2,264 shares during the last quarter. Emerald Advisers LLC bought a new position in shares of ATI in the 4th quarter valued at about $89,000. Finally, NN Investment Partners Holdings N.V. purchased a new stake in ATI in the 1st quarter worth about $99,000.

ATI Price Performance

The company has a current ratio of 2.89, a quick ratio of 1.25 and a debt-to-equity ratio of 1.91. The company has a market capitalization of $3.60 billion, a PE ratio of 725.68 and a beta of 1.31. The stock’s 50-day moving average is $24.12 and its two-hundred day moving average is $25.08.

About ATI

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ATI Inc manufactures and sells specialty materials and components worldwide. The company 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, 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.

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