Point72 Asset Management L.P. Boosts Stock Position in ATI Inc. (NYSE:ATI)

Point72 Asset Management L.P. grew its position in shares of ATI Inc. (NYSE:ATI - Free Report) by 10.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 571,676 shares of the basic materials company's stock after purchasing an additional 51,799 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.40% of ATI worth $38,251,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC lifted its stake in shares of ATI by 3.3% in the third quarter. Sequoia Financial Advisors LLC now owns 5,383 shares of the basic materials company's stock worth $360,000 after acquiring an additional 172 shares during the period. Beck Capital Management LLC lifted its stake in shares of ATI by 0.8% in the second quarter. Beck Capital Management LLC now owns 34,229 shares of the basic materials company's stock worth $1,898,000 after acquiring an additional 262 shares during the period. KBC Group NV lifted its stake in shares of ATI by 12.9% in the third quarter. KBC Group NV now owns 3,362 shares of the basic materials company's stock worth $225,000 after acquiring an additional 385 shares during the period. Souders Financial Advisors lifted its stake in shares of ATI by 6.1% in the third quarter. Souders Financial Advisors now owns 7,125 shares of the basic materials company's stock worth $477,000 after acquiring an additional 411 shares during the period. Finally, Apollon Wealth Management LLC lifted its stake in shares of ATI by 7.5% in the third quarter. Apollon Wealth Management LLC now owns 6,514 shares of the basic materials company's stock worth $436,000 after acquiring an additional 457 shares during the period.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was 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 approximately $30,271,347.89. This represents a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.71% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ATI shares. KeyCorp lowered ATI from an "overweight" rating to a "sector weight" rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. lifted their target price on ATI from $65.00 to $75.00 and gave the stock an "overweight" rating in a report on Wednesday, August 21st. StockNews.com downgraded ATI from a "hold" rating to a "sell" rating in a report on Monday. Benchmark reiterated a "buy" rating and issued a $80.00 target price on shares of ATI in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on ATI from $81.00 to $84.00 and gave the stock a "buy" rating in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $73.71.

ATI Stock Down 2.4 %

Shares of NYSE ATI traded down $1.42 during midday trading on Thursday, hitting $58.48. 876,846 shares of the stock traded hands, compared to its average volume of 1,441,758. The company has a market cap of $8.34 billion, a PE ratio of 22.54, a P/E/G ratio of 2.06 and a beta of 1.09. ATI Inc. has a one year low of $38.04 and a one year high of $68.92. The business has a 50 day moving average price of $60.50 and a two-hundred day moving average price of $60.56. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.44 and a current ratio of 2.94.

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

ATI announced that its Board of Directors has initiated 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 usually a sign that the company's management believes its stock is undervalued.

ATI 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.