KeyCorp Lowers ATI (NYSE:ATI) to Sector Weight

ATI (NYSE:ATI - Get Free Report) was downgraded by investment analysts at KeyCorp from an "overweight" rating to a "sector weight" rating in a report issued on Thursday, MarketBeat reports.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. lifted their price objective on ATI from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 21st. Susquehanna assumed coverage on ATI in a research note on Thursday, September 5th. They set a "positive" rating and a $75.00 price target for the company. Benchmark reiterated a "buy" rating and set a $80.00 price target on shares of ATI in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their price target on ATI from $81.00 to $84.00 and gave the company a "buy" rating in a research note on Thursday, October 3rd. Finally, BTIG Research assumed coverage on ATI in a research note on Wednesday, June 26th. They set a "buy" rating and a $70.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $74.43.

ATI Trading Down 2.2 %

NYSE:ATI traded down $1.39 during trading hours on Thursday, hitting $61.47. 1,684,710 shares of the company were exchanged, compared to its average volume of 1,412,719. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 24.11, a price-to-earnings-growth ratio of 1.42 and a beta of 1.04. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. ATI has a one year low of $36.21 and a one year high of $68.92. The company has a fifty day simple moving average of $63.51 and a 200 day simple moving average of $59.92.

ATI (NYSE:ATI - Get Free Report) last announced its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. ATI's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS. Sell-side analysts expect that ATI will post 2.47 EPS for the current fiscal year.

ATI declared that its board has approved a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Insider Activity at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the company's 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 transaction, the chairman now owns 486,443 shares in the company, valued at approximately $30,271,347.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On ATI

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in ATI by 6.6% during the 4th quarter. Wellington Management Group LLP now owns 317,487 shares of the basic materials company's stock valued at $14,436,000 after acquiring an additional 19,669 shares during the period. Hennessy Advisors Inc. raised its holdings in ATI by 44.0% during the 1st quarter. Hennessy Advisors Inc. now owns 111,200 shares of the basic materials company's stock valued at $5,690,000 after acquiring an additional 34,000 shares during the period. First Trust Direct Indexing L.P. raised its holdings in ATI by 4.3% during the 1st quarter. First Trust Direct Indexing L.P. now owns 5,849 shares of the basic materials company's stock valued at $299,000 after acquiring an additional 239 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in ATI during the 1st quarter valued at $51,000. Finally, Commonwealth Equity Services LLC raised its holdings in ATI by 3.0% during the 1st quarter. Commonwealth Equity Services LLC now owns 23,092 shares of the basic materials company's stock valued at $1,182,000 after acquiring an additional 663 shares during the period.

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.