ARK Investment Management LLC Has $177,000 Position in ATI Inc. (NYSE:ATI)

ARK Investment Management LLC lowered its position in shares of ATI Inc. (NYSE:ATI) by 7.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,882 shares of the basic materials company’s stock after selling 319 shares during the quarter. ARK Investment Management LLC’s holdings in ATI were worth $177,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Palestra Capital Management LLC boosted its holdings in shares of ATI by 839.0% in the third quarter. Palestra Capital Management LLC now owns 2,190,728 shares of the basic materials company’s stock valued at $90,148,000 after buying an additional 1,957,416 shares during the period. Norges Bank acquired a new position in ATI during the fourth quarter worth $50,336,000. State Street Corp boosted its holdings in ATI by 14.8% during the first quarter. State Street Corp now owns 9,941,032 shares of the basic materials company’s stock worth $266,817,000 after purchasing an additional 1,279,827 shares during the last quarter. 1832 Asset Management L.P. acquired a new position in ATI during the first quarter worth $49,299,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in ATI by 1,302.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 712,994 shares of the basic materials company’s stock worth $28,135,000 after purchasing an additional 662,166 shares during the last quarter.

ATI Stock Performance

NYSE ATI opened at $50.92 on Thursday. The firm has a 50-day moving average of $45.62 and a 200-day moving average of $43.30. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.53 and a current ratio of 2.80. The stock has a market cap of $6.51 billion, a PE ratio of 20.29 and a beta of 1.21. ATI Inc. has a 52-week low of $34.10 and a 52-week high of $51.95.

ATI (NYSE:ATI) last issued its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. ATI had a net margin of 8.81% and a return on equity of 24.64%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the previous year, the company earned $0.53 EPS. The business’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that ATI Inc. will post 2.34 EPS for the current year.

ATI announced that its board has approved a stock repurchase program on Wednesday, November 29th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other ATI news, insider Elliot S. Davis sold 1,789 shares of ATI stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $43.06, for a total value of $77,034.34. Following the completion of the sale, the insider now owns 136,050 shares in the company, valued at approximately $5,858,313. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ATI news, VP Timothy J. Harris sold 6,325 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $42.44, for a total value of $268,433.00. Following the transaction, the vice president now directly owns 109,331 shares of the company’s stock, valued at approximately $4,640,007.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Elliot S. Davis sold 1,789 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $43.06, for a total transaction of $77,034.34. Following the completion of the transaction, the insider now directly owns 136,050 shares in the company, valued at $5,858,313. The disclosure for this sale can be found here. Corporate insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Benchmark restated a “buy” rating and set a $53.00 target price on shares of ATI in a report on Monday, December 4th. TheStreet upgraded shares of ATI from a “c+” rating to a “b-” rating in a report on Friday, January 26th. Finally, KeyCorp upped their price target on shares of ATI from $49.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.80.

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.