ATI (NYSE:ATI) Releases Earnings Results, Misses Estimates By $0.06 EPS

ATI (NYSE:ATI - Get Free Report) posted its quarterly earnings data on Tuesday. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.06), Briefing.com reports. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.12 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 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 EPS.

ATI Price Performance

ATI stock traded down $2.63 during trading on Wednesday, hitting $54.19. The company had a trading volume of 3,069,962 shares, compared to its average volume of 1,442,317. The company has a current ratio of 2.13, a quick ratio of 1.07 and a debt-to-equity ratio of 1.26. The company has a fifty day moving average price of $63.02 and a two-hundred day moving average price of $60.20. ATI has a fifty-two week low of $36.70 and a fifty-two week high of $68.92. The company has a market cap of $6.74 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.38 and a beta of 1.04.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ATI. KeyCorp lowered ATI from an "overweight" rating to a "sector weight" rating in a report on Thursday, October 24th. JPMorgan Chase & Co. upped their target price on shares of ATI from $65.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised their price target 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. Susquehanna cut their price objective on shares of ATI from $75.00 to $70.00 and set a "positive" rating for the company in a research report on Wednesday. Finally, Benchmark reissued a "buy" rating and set a $80.00 target price on shares of ATI in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, ATI has a consensus rating of "Moderate Buy" and a consensus target price of $73.71.

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

Insider Buying and Selling at ATI

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction dated 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 completion of the sale, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.05% of the company's stock.

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.