Appian Way Asset Management LP Cuts Stock Position in ATI Inc. (NYSE:ATI)

Appian Way Asset Management LP cut its holdings in shares of ATI Inc. (NYSE:ATI) by 21.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,644 shares of the basic materials company’s stock after selling 35,138 shares during the quarter. ATI makes up 1.9% of Appian Way Asset Management LP’s investment portfolio, making the stock its 16th largest holding. Appian Way Asset Management LP’s holdings in ATI were worth $8,541,000 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. Quarry LP purchased a new position in ATI in the second quarter valued at about $26,000. UMB Bank n.a. increased its position in ATI by 557.0% in the third quarter. UMB Bank n.a. now owns 933 shares of the basic materials company’s stock worth $62,000 after buying an additional 791 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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 buying an additional 1,010 shares during the period. Quest Partners LLC bought a new stake in shares of ATI in the second quarter valued at $88,000. Finally, GAMMA Investing LLC lifted its position in shares of ATI by 66.0% during the 3rd quarter. GAMMA Investing LLC now owns 3,344 shares of the basic materials company’s stock valued at $224,000 after buying an additional 1,330 shares during the last quarter.

Insiders Place Their Bets

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total value 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. The trade was a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

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

ATI Stock Performance

Shares of ATI opened at $60.18 on Friday. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92. The company has a current ratio of 2.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.97. The company has a market cap of $8.58 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 2.08 and a beta of 1.08. The stock has a 50-day moving average price of $60.89 and a 200-day moving average price of $60.58.

ATI (NYSE:ATI) last issued its quarterly earnings results 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). The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. ATI had a return on equity of 21.39% and a net margin of 8.85%. ATI’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.55 EPS. As a group, equities analysts forecast that ATI Inc. will post 2.27 earnings per share for the current fiscal year.

ATI declared that its board has authorized a share repurchase 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 stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.