ATI (NYSE:ATI) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Posted by admin on Aug 6th, 2022

ATI (NYSE:ATI – Get Rating) posted its quarterly earnings data on Thursday. The basic materials company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.37 by $0.17, Briefing.com reports. The firm had revenue of $959.50 million during the quarter, compared to analyst estimates of $837.33 million. ATI had a net margin of 0.02% and a return on equity of 11.17%. ATI’s revenue was up 55.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.12) EPS.

ATI Stock Performance

Shares of ATI stock traded up $1.62 during trading hours on Friday, hitting $29.02. The company’s stock had a trading volume of 3,074,635 shares, compared to its average volume of 2,047,519. The company has a 50 day moving average of $24.08 and a 200 day moving average of $25.02. The stock has a market cap of $3.60 billion, a PE ratio of -725.50 and a beta of 1.31. The company has a current ratio of 2.61, a quick ratio of 1.25 and a debt-to-equity ratio of 2.15. ATI has a 12-month low of $13.85 and a 12-month high of $30.74.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ATI. Wolfe Research upgraded shares of ATI from a “market perform” rating to an “outperform” rating and set a $33.00 price target on the stock in a research note on Friday. KeyCorp upped their price target on shares of ATI from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, ATI currently has an average rating of “Moderate Buy” and an average price target of $29.14.

Insider Activity

In other news, Director James C. Diggs sold 12,500 shares of the company’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $24.00, for a total value of $300,000.00. Following the sale, the director now directly owns 46,060 shares of the company’s stock, valued at approximately $1,105,440. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director James C. Diggs sold 12,500 shares of the company’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $24.00, for a total value of $300,000.00. Following the sale, the director now directly owns 46,060 shares of the company’s stock, valued at approximately $1,105,440. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Karl D. Schwartz sold 2,000 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $25.00, for a total transaction of $50,000.00. Following the completion of the sale, the chief accounting officer now directly owns 64,833 shares in the company, valued at $1,620,825. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Institutional Trading of ATI

Hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors boosted its holdings in ATI by 185.5% during the first quarter. Captrust Financial Advisors now owns 5,962 shares of the basic materials company’s stock worth $160,000 after buying an additional 3,874 shares in the last quarter. American National Insurance Co. purchased a new stake in ATI during the first quarter worth $228,000. Cibc World Market Inc. purchased a new stake in ATI during the first quarter worth $237,000. HighTower Advisors LLC purchased a new stake in ATI during the first quarter worth $263,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in ATI during the first quarter worth $533,000.

About ATI

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ATI Inc manufactures and sells specialty materials and components worldwide. The company 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, 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.