Appian Way Asset Management LP Has $8.54 Million Position in ATI Inc. (NYSE:ATI)

Appian Way Asset Management LP trimmed its position in ATI Inc. (NYSE:ATI) by 21.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,644 shares of the basic materials company’s stock after selling 35,138 shares during the quarter. ATI accounts for 1.9% of Appian Way Asset Management LP’s holdings, making the stock its 16th biggest holding. Appian Way Asset Management LP owned 0.09% of ATI worth $8,541,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its position in ATI by 3.3% during 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 raised its position 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 valued at $1,898,000 after buying an additional 262 shares in the last quarter. KBC Group NV boosted 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 valued at $225,000 after buying an additional 385 shares during the period. Souders Financial Advisors grew its position in ATI by 6.1% during the third quarter. Souders Financial Advisors now owns 7,125 shares of the basic materials company’s stock worth $477,000 after buying an additional 411 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its stake in ATI by 7.5% during the 3rd 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.

ATI Trading Up 0.1 %

NYSE:ATI opened at $60.18 on Friday. The firm has a fifty day simple moving average of $60.89 and a two-hundred day simple moving average of $60.58. ATI Inc. has a 12 month low of $38.04 and a 12 month high of $68.92. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 23.15, a PEG ratio of 2.08 and a beta of 1.08. The company has a current ratio of 2.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.97.

ATI (NYSE:ATI) last announced its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.06). The firm 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%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.55 EPS. Analysts expect that ATI Inc. will post 2.27 EPS for the current fiscal year.

ATI announced that its Board of Directors has initiated a share buyback program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

ATI has been the topic of a number of recent analyst reports. Susquehanna decreased their price target on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of ATI from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. KeyCorp cut ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. lifted their price target on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Benchmark reissued a “buy” rating and set a $80.00 price target on shares of ATI in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

Insider Activity

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’s stock in a transaction on 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 in the company, valued at $30,271,347.89. This represents a 4.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

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.