National Bank of Canada FI Takes $1.80 Million Position in ATI Inc. (NYSE:ATI)

National Bank of Canada FI purchased a new position in shares of ATI Inc. (NYSE:ATI - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 26,900 shares of the basic materials company's stock, valued at approximately $1,800,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Mountaineer Partners Management LLC lifted its stake in shares of ATI by 4,401.2% during the 3rd quarter. Mountaineer Partners Management LLC now owns 9,410,891 shares of the basic materials company's stock worth $629,683,000 after buying an additional 9,201,818 shares during the last quarter. Millennium Management LLC grew its position in shares of ATI by 165.1% in the second quarter. Millennium Management LLC now owns 1,944,919 shares of the basic materials company's stock valued at $107,846,000 after purchasing an additional 1,211,273 shares during the last quarter. Senator Investment Group LP increased its stake in shares of ATI by 167.6% during the second quarter. Senator Investment Group LP now owns 891,138 shares of the basic materials company's stock worth $49,414,000 after purchasing an additional 558,138 shares during the period. Driehaus Capital Management LLC bought a new stake in shares of ATI in the second quarter valued at about $28,896,000. Finally, Forest Avenue Capital Management LP acquired a new stake in shares of ATI in the third quarter valued at approximately $28,700,000.

Insider Transactions at ATI

In other ATI news, SVP Tina Killough Busch sold 2,598 shares of ATI stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $60.02, for a total transaction of $155,931.96. Following the completion of the transaction, the senior vice president now owns 21,553 shares in the company, valued at approximately $1,293,611.06. The trade was a 10.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the sale, the chairman now owns 486,443 shares in the company, valued at approximately $30,271,347.89. The trade was a 4.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,598 shares of company stock worth $4,726,682. Company insiders own 0.71% of the company's stock.

ATI Price Performance

Shares of ATI traded up $0.49 during midday trading on Friday, hitting $56.50. 1,214,527 shares of the company traded hands, compared to its average volume of 1,437,247. The stock has a 50-day moving average of $59.31 and a 200-day moving average of $60.41. The firm has a market cap of $8.06 billion, a P/E ratio of 21.73, a PEG ratio of 1.98 and a beta of 1.09. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.94 and a quick ratio of 1.44. ATI Inc. has a one year low of $38.04 and a one year high of $68.92.

ATI (NYSE:ATI - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.06). ATI had a net margin of 8.85% and a return on equity of 21.39%. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter last year, the business posted $0.55 EPS. The business's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that ATI Inc. will post 2.27 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

ATI has been the subject of a number of recent analyst reports. Susquehanna cut their price target on shares of ATI from $75.00 to $70.00 and set a "positive" rating for the company in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on shares of ATI from $65.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 21st. StockNews.com upgraded ATI from a "sell" rating to a "hold" rating in a report on Wednesday. KeyCorp downgraded ATI from an "overweight" rating to a "sector weight" rating in a research note on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of ATI from $81.00 to $84.00 and gave the stock a "buy" rating in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, ATI has a consensus rating of "Moderate Buy" and an average target price of $73.71.

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.