Paloma Partners Management Co Sells 95,762 Shares of ATI Inc. (NYSE:ATI)

Paloma Partners Management Co reduced its holdings in shares of ATI Inc. (NYSE:ATI) by 88.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,675 shares of the basic materials company’s stock after selling 95,762 shares during the quarter. Paloma Partners Management Co’s holdings in ATI were worth $848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Quarry LP bought a new position in ATI in the second quarter valued at $26,000. UMB Bank n.a. grew its holdings in shares of ATI by 557.0% in the 3rd 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 in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of ATI by 294.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,353 shares of the basic materials company’s stock valued at $69,000 after acquiring an additional 1,010 shares during the last quarter. Quest Partners LLC bought a new stake in ATI during the second quarter worth about $88,000. Finally, nVerses Capital LLC acquired a new position in ATI during the second quarter valued at approximately $205,000.

ATI Trading Down 0.8 %

Shares of NYSE:ATI opened at $59.70 on Tuesday. The stock has a market cap of $8.52 billion, a PE ratio of 22.96, a P/E/G ratio of 2.08 and a beta of 1.09. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92. The business has a 50 day moving average of $60.82 and a 200-day moving average of $60.58.

ATI (NYSE:ATI) last issued its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 EPS 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 firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company earned $0.55 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, equities research analysts forecast that ATI Inc. will post 2.27 earnings per share for the current year.

ATI announced that its board has initiated 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 directly owns 486,443 shares in the company, valued at approximately $30,271,347.89. The trade was a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.05% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ATI shares. Susquehanna lowered 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. JPMorgan Chase & Co. boosted their target price on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. StockNews.com cut shares of ATI from a “hold” rating to a “sell” rating in a research note on Monday. Benchmark restated a “buy” rating and set a $80.00 price objective on shares of ATI in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $73.71.

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.