ATI (NYSE:ATI) Hits New 52-Week High After Better-Than-Expected Earnings

ATI Inc. (NYSE:ATI)’s share price reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $59.82 and last traded at $59.20, with a volume of 696119 shares. The stock had previously closed at $51.90.

The basic materials company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. ATI had a net margin of 8.70% and a return on equity of 23.72%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm earned $0.49 earnings per share.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ATI. Deutsche Bank Aktiengesellschaft initiated coverage on ATI in a research note on Thursday, April 11th. They set a “buy” rating and a $70.00 target price for the company. TheStreet upgraded ATI from a “c+” rating to a “b-” rating in a research report on Friday, January 26th. Finally, KeyCorp boosted their price target on ATI from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, ATI presently has an average rating of “Moderate Buy” and an average target price of $56.00.

Insiders Place Their Bets

In other news, VP Timothy J. Harris sold 6,325 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $42.44, for a total value of $268,433.00. Following the completion of the sale, the vice president now owns 109,331 shares of the company’s stock, valued at $4,640,007.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ATI

Several large investors have recently modified their holdings of ATI. Raymond James Financial Services Advisors Inc. bought a new stake in ATI during the fourth quarter valued at $1,698,000. Louisiana State Employees Retirement System bought a new stake in shares of ATI during the 4th quarter valued at about $2,901,000. Ballentine Partners LLC acquired a new stake in ATI during the fourth quarter worth approximately $1,100,000. Assenagon Asset Management S.A. increased its holdings in ATI by 735.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 355,202 shares of the basic materials company’s stock worth $16,151,000 after purchasing an additional 312,699 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in ATI by 67.3% in the third quarter. Victory Capital Management Inc. now owns 973,372 shares of the basic materials company’s stock valued at $40,054,000 after buying an additional 391,554 shares during the period.

ATI Price Performance

The stock has a market capitalization of $7.32 billion, a P/E ratio of 23.63, a PEG ratio of 1.69 and a beta of 1.16. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.53 and a current ratio of 2.81. The business has a fifty day simple moving average of $50.03 and a 200-day simple moving average of $44.91.

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.