Cubist Systematic Strategies LLC Acquires New Shares in ATI Inc. (NYSE:ATI)

Cubist Systematic Strategies LLC acquired a new position in shares of ATI Inc. (NYSE:ATI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 286,186 shares of the basic materials company's stock, valued at approximately $15,869,000. Cubist Systematic Strategies LLC owned approximately 0.23% of ATI at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. lifted its position in shares of ATI by 1,393.2% in the fourth quarter. Point72 Asset Management L.P. now owns 1,539,536 shares of the basic materials company's stock worth $70,003,000 after buying an additional 1,436,436 shares during the last quarter. Norges Bank acquired a new position in ATI during the 4th quarter worth $55,855,000. Capital World Investors boosted its holdings in ATI by 43.9% during the first quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company's stock valued at $145,372,000 after acquiring an additional 866,310 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in ATI by 19.5% during the fourth quarter. Frontier Capital Management Co. LLC now owns 3,645,644 shares of the basic materials company's stock valued at $165,767,000 after acquiring an additional 594,644 shares during the period. Finally, Senator Investment Group LP acquired a new stake in shares of ATI in the first quarter valued at about $17,040,000.

ATI Price Performance

Shares of ATI traded up $0.78 during mid-day trading on Wednesday, reaching $65.42. The company had a trading volume of 1,080,479 shares, compared to its average volume of 1,446,744. The company has a market capitalization of $8.14 billion, a P/E ratio of 26.16, a P/E/G ratio of 1.59 and a beta of 1.04. The company's 50-day moving average is $62.77 and its 200-day moving average is $57.87. ATI Inc. has a twelve month low of $35.03 and a twelve month high of $68.92. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.13 and a quick ratio of 1.07.

ATI (NYSE:ATI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.02. ATI had a return on equity of 23.05% and a net margin of 8.74%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The business's revenue was up 5.2% on a year-over-year basis. On average, equities analysts anticipate that ATI Inc. will post 2.48 EPS for the current year.

ATI declared that its Board of Directors has authorized a stock buyback plan on Tuesday, September 3rd that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at ATI

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the business's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the completion of the sale, the chairman now owns 511,443 shares in the company, valued at $31,510,003.23. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.71% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on ATI shares. Benchmark reaffirmed a "buy" rating and issued a $80.00 target price on shares of ATI in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of ATI from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft increased their price target on shares of ATI from $80.00 to $81.00 and gave the company a "buy" rating in a report on Wednesday, August 7th. Northcoast Research downgraded shares of ATI from a "neutral" rating to a "sell" rating in a report on Friday, June 14th. Finally, BTIG Research initiated coverage on shares of ATI in a research note on Wednesday, June 26th. They issued a "buy" rating and a $70.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, ATI has an average rating of "Moderate Buy" and an average price target of $74.00.

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.