On August 28, 2023, it was reported that Oppenheimer & Co. Inc. had acquired a new stake in ATI Inc. (NYSE:ATI) during the first quarter of the year. This information was disclosed in the company’s most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,550 shares of ATI’s stock, which were valued at approximately $693,000.
ATI is a basic materials company that operates within various industries such as aerospace and defense, construction, automotive, and energy. The company specializes in producing advanced specialty materials and components that are essential for these sectors.
In terms of financial performance, ATI recently released its earnings results on Wednesday, August 2nd. For the quarter, they reported an earnings per share (EPS) of $0.59. This figure exceeded analysts’ consensus estimates by $0.04 as they had expected EPS to be around $0.55.
The company’s revenue for the same quarter amounted to $1.05 billion compared to analyst estimates of $1.05 billion. Despite meeting expectations regarding revenue, ATI managed to achieve a net margin of 6.88% and a return on equity of 26.99%. These figures indicate a healthy financial standing for the company.
Looking ahead, equities analysts anticipate that ATI Inc. will post an EPS of 2.26 for the current year based on its past performance and market trends.
This recent acquisition by Oppenheimer & Co. Inc., along with ATI’s impressive financial results for the previous quarter, reflect positive investor sentiment towards the company’s prospects within the basic materials industry and possibly beyond.
As an innovative provider of specialty materials and components for several critical sectors, ATI continues to gain recognition as a reliable player in its industry. With its strong financial performance and growing investor interest, ATI appears well-positioned to capitalize on future opportunities while meeting the demands of its diverse customer base.
Note: The information provided in this article is based on historical data and publicly available sources as of August 28, 2023. It should not be considered as financial advice or a recommendation to invest in ATI Inc.
ATI Inc.
ATI
Strong Buy
Updated on: 03/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
ATI Inc.: Attracting Attention and Positive Analyst Reports Highlight Growth Potential in Basic Materials Industry
ATI Inc., a basic materials company, has recently attracted the attention of several large investors. Norges Bank, for instance, acquired a new stake in ATI during the fourth quarter of last year, with the investment valued at approximately $50.3 million. State Street Corp also increased its holdings in ATI by 14.8% in the first quarter, now owning over 9.9 million shares worth $266.8 million.
Another notable investor is Allspring Global Investments Holdings LLC, which saw a tremendous increase of 21,179% in its stake during the first quarter of this year. Allspring now owns almost 900,000 shares of ATI’s stock worth around $35.3 million. Invesco Ltd., on the other hand, lifted its holdings in ATI by over 105%, acquiring an additional 606,005 shares during the same period.
The interesting trend continued with Balyasny Asset Management LLC joining the list of investors interested in ATI Inc., showing a staggering increase of 3,539.9% in its holdings during the third quarter with approximately $16.5 million worth of shares.
Moving away from investments and onto analyst reports, it seems that Barclays and JPMorgan Chase & Co have expressed optimism regarding ATI’s future performance. Barclays raised their price target on ATI to $51 and gave the company an “overweight” rating. Similarly, JPMorgan Chase & Co increased their price objective to $50 and issued positive projections.
Meanwhile, StockNews.com initiated coverage on ATI and gave it a “hold” rating on August 17th. KeyCorp also raised its price objective to $49 and maintained an “overweight” rating on August 7th. Additionally, Northcoast Research covered ATI on July 20th and set a “buy” rating alongside a price target of $54.
Overall, analysts appear to be generally positive about ATI’s prospects. According to Bloomberg data, the company currently holds a consensus rating of “Moderate Buy” and an average target price of $49.33.
In terms of recent news regarding ATI, insider Elliot S. Davis made a significant sale of 7,039 shares in June with shares priced at $40 each, resulting in a total transaction value of $281,560. Another insider, VP Timothy J. Harris, also made a sale in August, selling 12,858 shares for approximately $560,223.
As for the company’s stock performance, ATI opened at $43.74 on August 28th. It reached its lowest point in the past twelve months at $25.39 and hit its highest peak at $47.92 during the same period. The company’s current debt-to-equity ratio sits at 1.30 while it maintains quick and current ratios of 1.20 and 2.74 respectively.
ATI Inc.’s market capitalization is estimated to be around $5.62 billion with a price-to-earnings ratio of approximately 22.43 and a beta value of 1.25—a measure that signifies ATI’s sensitivity to market fluctuations.
Investors will likely keep a close eye on ATI as it continues to attract attention from reputable institutions and positive analyst reports shed light on its potential growth prospects within the basic materials industry.
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