ATI Inc. (NYSE:ATI) Short Interest Update

ATI Inc. (NYSE:ATI) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 2,450,000 shares, an increase of 27.6% from the October 15th total of 1,920,000 shares. Based on an average daily trading volume, of 1,440,000 shares, the days-to-cover ratio is currently 1.7 days.

ATI Price Performance

NYSE:ATI opened at $56.17 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.94 and a quick ratio of 1.44. ATI has a one year low of $38.04 and a one year high of $68.92. The company has a fifty day moving average price of $61.36 and a 200 day moving average price of $60.62. The stock has a market cap of $8.01 billion, a P/E ratio of 21.60, a PEG ratio of 2.01 and a beta of 1.08.

ATI (NYSE:ATI) last announced its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.06). ATI had a net margin of 8.85% and a return on equity of 21.39%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company posted $0.55 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. Analysts anticipate that ATI will post 2.27 earnings per share for the current year.

ATI announced that its Board of Directors has authorized a stock buyback program on Tuesday, September 3rd that permits the company to buyback $700.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 9.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction on 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 transaction, the chairman now owns 486,443 shares in the company, valued at approximately $30,271,347.89. This trade represents a 4.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ATI. Quarry LP acquired a new stake in ATI during the second quarter worth $26,000. UMB Bank n.a. boosted its position in shares of ATI by 557.0% during the 3rd quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock valued at $62,000 after acquiring an additional 791 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in ATI by 294.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after acquiring an additional 1,010 shares during the period. Quest Partners LLC acquired a new position in ATI in the second quarter worth about $88,000. Finally, nVerses Capital LLC bought a new position in ATI during the second quarter worth about $205,000.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Susquehanna cut their target price on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Benchmark reiterated a “buy” rating and set a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, ATI currently has a consensus rating of “Moderate Buy” and an average price target of $73.71.

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.