Accel Wealth Management Acquires New Holdings in ATI Inc. (NYSE:ATI)

Accel Wealth Management acquired a new stake in ATI Inc. (NYSE:ATI) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 4,437 shares of the basic materials company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ATI. Covestor Ltd raised its stake in shares of ATI by 148.1% during the second quarter. Covestor Ltd now owns 603 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 360 shares during the last quarter. Clearstead Advisors LLC raised its stake in shares of ATI by 295.9% during the third quarter. Clearstead Advisors LLC now owns 669 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 500 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of ATI during the second quarter valued at $32,000. Belpointe Asset Management LLC increased its position in shares of ATI by 65.3% during the first quarter. Belpointe Asset Management LLC now owns 843 shares of the basic materials company’s stock worth $33,000 after buying an additional 333 shares during the period. Finally, Point72 Middle East FZE acquired a new stake in shares of ATI during the fourth quarter worth $75,000.

ATI Price Performance

ATI stock traded up $0.23 during midday trading on Thursday, reaching $51.15. The company had a trading volume of 1,033,856 shares, compared to its average volume of 1,400,263. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.80 and a quick ratio of 1.53. ATI Inc. has a 1 year low of $34.10 and a 1 year high of $51.95. The company has a market capitalization of $6.54 billion, a P/E ratio of 20.51 and a beta of 1.21. The firm has a 50-day moving average price of $45.62 and a 200-day moving average price of $43.30.

ATI (NYSE:ATI) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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 quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts anticipate that ATI Inc. will post 2.34 earnings per share for the current fiscal year.

ATI declared that its board has approved a stock buyback plan 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 reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other ATI news, VP Timothy J. Harris sold 6,325 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $42.44, for a total value of $268,433.00. Following the completion of the transaction, the vice president now owns 109,331 shares of the company’s stock, valued at approximately $4,640,007.64. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, VP Timothy J. Harris sold 6,325 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $42.44, for a total transaction of $268,433.00. Following the transaction, the vice president now 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 the SEC website. Also, insider Elliot S. Davis sold 1,789 shares of the stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $43.06, for a total transaction of $77,034.34. Following the transaction, the insider now directly owns 136,050 shares in the company, valued at approximately $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

A number of brokerages have recently issued reports on ATI. KeyCorp lifted their price objective on shares of ATI from $49.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. Benchmark reaffirmed a “buy” rating and set a $53.00 price objective on shares of ATI in a research note on Monday, December 4th. Finally, TheStreet raised shares of ATI from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, ATI presently has an average rating of “Moderate Buy” and an average target price of $52.80.

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.