L & S Advisors Inc Makes New Investment in ATI Inc. (NYSE:ATI)

L & S Advisors Inc acquired a new stake in ATI Inc. (NYSE:ATI - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 19,112 shares of the basic materials company's stock, valued at approximately $1,279,000.

Several other institutional investors and hedge funds have also modified their holdings of ATI. Vanguard Group Inc. lifted its holdings in shares of ATI by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 14,338,873 shares of the basic materials company's stock valued at $733,720,000 after buying an additional 132,478 shares during the period. O Shaughnessy Asset Management LLC raised its holdings in ATI by 3.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,113 shares of the basic materials company's stock worth $364,000 after purchasing an additional 224 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in ATI by 20.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 126,978 shares of the basic materials company's stock worth $6,496,000 after purchasing an additional 21,887 shares during the period. Capital World Investors raised its holdings in ATI by 43.9% in the 1st quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company's stock worth $145,372,000 after purchasing an additional 866,310 shares during the period. Finally, Appian Way Asset Management LP raised its holdings in ATI by 57.6% in the 1st quarter. Appian Way Asset Management LP now owns 172,408 shares of the basic materials company's stock worth $8,822,000 after purchasing an additional 63,008 shares during the period.

ATI Price Performance

Shares of ATI stock traded up $1.14 during mid-day trading on Friday, reaching $59.30. 1,056,858 shares of the stock traded hands, compared to its average volume of 1,455,835. The business has a 50-day moving average of $61.08 and a 200 day moving average of $60.59. ATI Inc. has a fifty-two week low of $38.04 and a fifty-two week high of $68.92. The stock has a market capitalization of $8.46 billion, a PE ratio of 22.81, a PEG ratio of 2.01 and a beta of 1.08. 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 - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.66 by ($0.06). The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.12 billion. ATI had a net margin of 8.85% and a return on equity of 21.39%. ATI's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share. On average, analysts predict that ATI Inc. will post 2.27 EPS for the current year.

ATI declared that its board has approved a share repurchase program on Tuesday, September 3rd that permits the company to buyback $700.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred on 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 transaction, the chairman now directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. This represents a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

ATI has been the subject of a number of analyst reports. Benchmark reaffirmed a "buy" rating and issued a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. Susquehanna reduced their price target on ATI from $75.00 to $70.00 and set a "positive" rating for the company in a report on Wednesday, October 30th. KeyCorp cut ATI from an "overweight" rating to a "sector weight" rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft upped their price target on ATI from $81.00 to $84.00 and gave the stock a "buy" rating in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. increased their target price on ATI from $65.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, ATI currently has an average rating of "Moderate Buy" and an average target price of $73.71.

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.