Zurcher Kantonalbank Zurich Cantonalbank Buys 531 Shares of ATI Inc. (NYSE:ATI)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ATI Inc. (NYSE:ATI) by 1.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,482 shares of the basic materials company’s stock after purchasing an additional 531 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ATI were worth $1,906,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ATI. Quarry LP bought a new stake in shares of ATI during the second quarter valued at approximately $26,000. UMB Bank n.a. boosted its stake in ATI by 557.0% in the third 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 during the last quarter. Quest Partners LLC bought a new position in ATI in the second quarter valued at approximately $88,000. nVerses Capital LLC bought a new position in ATI in the second quarter valued at approximately $205,000. Finally, Forum Financial Management LP bought a new position in shares of ATI during the second quarter worth $211,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. KeyCorp cut shares of ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. StockNews.com lowered shares of ATI from a “hold” rating to a “sell” rating in a report on Monday. Benchmark reiterated a “buy” rating and issued a $80.00 price target on shares of ATI in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Susquehanna lowered their price target on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $73.71.

ATI Stock Performance

NYSE ATI opened at $59.90 on Thursday. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $8.54 billion, a P/E ratio of 23.04, a P/E/G ratio of 2.06 and a beta of 1.09. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92. The firm has a 50-day moving average price of $60.61 and a two-hundred day moving average price of $60.57.

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

ATI declared that its Board of Directors has approved a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $700.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 9.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were 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 of the company’s stock, valued at $30,271,347.89. The trade was a 4.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.05% of the company’s stock.

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.