ATI (NYSE:ATI) Releases FY 2024 Earnings Guidance

ATI (NYSE:ATI) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.240-2.300 for the period, compared to the consensus EPS estimate of 2.450. The company issued revenue guidance of -. ATI also updated its FY24 guidance to $2.24-2.30 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ATI. Deutsche Bank Aktiengesellschaft raised their price objective on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Susquehanna cut their price target on shares of ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Benchmark restated a “buy” rating and set a $80.00 price objective on shares of ATI in a report on Wednesday, August 7th. Finally, KeyCorp lowered shares of ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $73.71.

ATI Price Performance

NYSE:ATI traded up $0.28 on Friday, hitting $52.99. The company had a trading volume of 654,411 shares, compared to its average volume of 1,443,483. The firm has a 50 day moving average of $63.02 and a two-hundred day moving average of $60.20. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 1.33 and a beta of 1.04. ATI has a 52 week low of $37.94 and a 52 week high of $68.92. The company has a current ratio of 2.94, a quick ratio of 1.07 and a debt-to-equity ratio of 0.97.

ATI (NYSE:ATI) last posted its 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). The business had revenue of $1.05 billion for 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 company’s revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 earnings per share. On average, research analysts anticipate that ATI will post 2.27 earnings per share for the current year.

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

Insider Activity at ATI

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $61.61, for a total transaction of $1,540,250.00. Following the completion of the transaction, the chairman now owns 511,443 shares in the company, valued at approximately $31,510,003.23. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.71% of the stock is currently owned by company insiders.

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.