ATI (NYSE:ATI) Shares Gap Up After Better-Than-Expected Earnings

Shares of ATI Inc. (NYSE:ATI - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $57.96, but opened at $64.00. ATI shares last traded at $62.90, with a volume of 684,831 shares changing hands.

The basic materials company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.19. ATI had a net margin of 8.85% and a return on equity of 21.39%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the business earned $0.64 EPS. The business's revenue was up 10.2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ATI. StockNews.com upgraded ATI from a "sell" rating to a "hold" rating in a research note on Thursday. Susquehanna lifted their target price on ATI from $70.00 to $73.00 and gave the stock a "positive" rating in a research report on Wednesday. Finally, KeyCorp downgraded shares of ATI from an "overweight" rating to a "sector weight" rating in a research report on Thursday, October 24th. One 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, the stock has an average rating of "Moderate Buy" and an average target price of $74.14.

Insider Activity

In other news, SVP Tina Killough Busch sold 2,598 shares of the business's stock in a transaction that occurred 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 directly 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 SEC, which is accessible through the SEC website. Also, Chairman Robert S. Wetherbee sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $58.99, for a total value of $1,474,750.00. Following the completion of the sale, the chairman now owns 436,443 shares in the company, valued at approximately $25,745,772.57. This represents a 5.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company's stock.

Institutional Investors Weigh In On ATI

Institutional investors have recently bought and sold shares of the stock. ORG Wealth Partners LLC bought a new stake in shares of ATI during the 4th quarter worth about $25,000. Quarry LP raised its holdings in ATI by 86.4% during the third quarter. Quarry LP now owns 889 shares of the basic materials company's stock worth $59,000 after purchasing an additional 412 shares in the last quarter. UMB Bank n.a. lifted its position in ATI by 557.0% in the third quarter. UMB Bank n.a. now owns 933 shares of the basic materials company's stock worth $62,000 after purchasing an additional 791 shares during the period. Mainstream Capital Management LLC bought a new position in ATI during the 4th quarter valued at $94,000. Finally, Smartleaf Asset Management LLC increased its position in shares of ATI by 236.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,406 shares of the basic materials company's stock valued at $132,000 after purchasing an additional 1,690 shares during the period.

ATI Stock Down 1.2 %

The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94. The company has a market cap of $8.95 billion, a P/E ratio of 24.13, a P/E/G ratio of 1.52 and a beta of 1.10. The stock has a 50 day moving average price of $57.21 and a 200 day moving average price of $60.22.

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.