Public Sector Pension Investment Board Sells 9,700 Shares of ATI Inc. (NYSE:ATI)

Public Sector Pension Investment Board lowered its position in shares of ATI Inc. (NYSE:ATI) by 3.5% in the third quarter, HoldingsChannel reports. The fund owned 264,086 shares of the basic materials company’s stock after selling 9,700 shares during the period. Public Sector Pension Investment Board’s holdings in ATI were worth $17,670,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ATI by 1.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,482 shares of the basic materials company’s stock worth $1,906,000 after acquiring an additional 531 shares during the last quarter. Forest Avenue Capital Management LP bought a new stake in shares of ATI during the third quarter worth $28,700,000. Glenmede Trust Co. NA raised its position in shares of ATI by 3.7% during the third quarter. Glenmede Trust Co. NA now owns 21,100 shares of the basic materials company’s stock worth $1,412,000 after acquiring an additional 753 shares during the last quarter. Townsquare Capital LLC bought a new stake in shares of ATI during the third quarter worth $286,000. Finally, Quantbot Technologies LP acquired a new stake in shares of ATI during the third quarter worth $969,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ATI shares. Deutsche Bank Aktiengesellschaft lifted 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. JPMorgan Chase & Co. lifted their price objective on ATI from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Benchmark reaffirmed a “buy” rating and set a $80.00 price objective on shares of ATI in a research note on Wednesday, August 7th. KeyCorp cut ATI from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Finally, Susquehanna decreased their price objective on ATI from $75.00 to $70.00 and set a “positive” rating for the company in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, ATI presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

Insider Activity

In other news, Chairman Robert S. Wetherbee sold 25,000 shares of the company’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 transaction, the chairman now owns 486,443 shares of the company’s stock, valued at approximately $30,271,347.89. This represents a 4.89 % decrease in their ownership of the stock. 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 owned by company insiders.

ATI Price Performance

NYSE:ATI opened at $60.12 on Friday. The company has a quick ratio of 1.44, a current ratio of 2.94 and a debt-to-equity ratio of 0.97. The stock’s 50 day moving average price is $60.98 and its two-hundred day moving average price is $60.58. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 23.12, a P/E/G ratio of 2.08 and a beta of 1.08. ATI Inc. has a 12-month low of $38.04 and a 12-month high of $68.92.

ATI (NYSE:ATI) last released its quarterly earnings data on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.06). The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. ATI had a net margin of 8.85% and a return on equity of 21.39%. ATI’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS. On average, analysts anticipate that ATI Inc. will post 2.27 earnings per share for the current year.

ATI announced that its Board of Directors has initiated a share buyback 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 reacquire up to 9.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

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.