ATI (NYSE:ATI) Announces Earnings Results, Beats Expectations By $0.02 EPS

ATI (NYSE:ATI) issued its quarterly earnings results on Tuesday. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02, Briefing.com reports. ATI had a net margin of 8.70% and a return on equity of 23.72%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company earned $0.59 EPS. ATI’s quarterly revenue was up 5.2% on a year-over-year basis. ATI updated its FY 2024 guidance to 2.300-2.600 EPS.

ATI Price Performance

ATI stock traded up $2.20 during trading on Thursday, reaching $61.58. The company had a trading volume of 198,194 shares, compared to its average volume of 1,478,555. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.37 and a current ratio of 2.81. The firm’s 50-day simple moving average is $58.91 and its 200 day simple moving average is $53.38. The firm has a market capitalization of $7.66 billion, a PE ratio of 24.63, a price-to-earnings-growth ratio of 1.56 and a beta of 1.07. ATI has a 1-year low of $35.03 and a 1-year high of $68.92.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ATI shares. Benchmark restated a “buy” rating and set a $80.00 target price on shares of ATI in a research report on Wednesday. Barclays raised their target price on ATI from $55.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft boosted their price target on ATI from $80.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday. KeyCorp raised their price objective on shares of ATI from $58.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Finally, BTIG Research initiated coverage on shares of ATI in a report on Wednesday, June 26th. They set a “buy” rating and a $70.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, ATI presently has a consensus rating of “Moderate Buy” and an average target price of $73.40.

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.