Short Interest in ATI Inc. (NYSE:ATI) Rises By 27.6%

ATI Inc. (NYSE:ATI) was the target of a significant increase in short interest in 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 trading volume of 1,440,000 shares, the days-to-cover ratio is currently 1.7 days.

ATI Trading Down 0.0 %

Shares of NYSE ATI opened at $56.17 on Friday. ATI has a fifty-two week low of $38.04 and a fifty-two week high of $68.92. The firm has a market capitalization of $8.01 billion, a P/E ratio of 21.60, a P/E/G ratio of 1.94 and a beta of 1.08. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.94 and a quick ratio of 1.44. The company’s 50 day simple moving average is $61.36 and its 200 day simple moving average is $60.62.

ATI (NYSE:ATI) last posted its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share 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 during the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the company earned $0.55 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts predict that ATI will post 2.27 EPS for the current year.

ATI announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 3rd that authorizes the company to buyback $700.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Activity at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the completion of the transaction, the chairman now directly owns 486,443 shares in the company, valued at $30,271,347.89. This represents a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ATI. Capital International Investors raised its stake in shares of ATI by 1.3% in the 1st quarter. Capital International Investors now owns 15,409,897 shares of the basic materials company’s stock valued at $788,524,000 after purchasing an additional 203,012 shares during the period. Vanguard Group Inc. raised its position in ATI by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 14,338,873 shares of the basic materials company’s stock valued at $733,720,000 after buying an additional 132,478 shares during the last quarter. Mountaineer Partners Management LLC lifted its stake in ATI by 4,401.2% in the 3rd quarter. Mountaineer Partners Management LLC now owns 9,410,891 shares of the basic materials company’s stock valued at $629,683,000 after acquiring an additional 9,201,818 shares in the last quarter. Capital World Investors boosted its position in ATI by 43.9% during the 1st quarter. Capital World Investors now owns 2,840,962 shares of the basic materials company’s stock worth $145,372,000 after acquiring an additional 866,310 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of ATI by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock worth $139,003,000 after acquiring an additional 102,691 shares in the last quarter.

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.