Seaport Res Ptn Comments on ATI Inc.’s Q1 2024 Earnings (NYSE:ATI)

ATI Inc. (NYSE:ATI) – Equities researchers at Seaport Res Ptn issued their Q1 2024 earnings per share (EPS) estimates for ATI in a report released on Monday, April 15th. Seaport Res Ptn analyst R. Safran anticipates that the basic materials company will earn $0.40 per share for the quarter. The consensus estimate for ATI’s current full-year earnings is $2.28 per share. Seaport Res Ptn also issued estimates for ATI’s Q2 2024 earnings at $0.52 EPS, Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.70 EPS, FY2024 earnings at $2.23 EPS and Q4 2025 earnings at $0.89 EPS.

ATI has been the subject of several other reports. TheStreet raised ATI from a “c+” rating to a “b-” rating in a report on Friday, January 26th. KeyCorp increased their price objective on ATI from $49.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 21st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on ATI in a research report on Thursday, April 11th. They issued a “buy” rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, ATI has an average rating of “Moderate Buy” and an average price target of $55.67.

ATI Stock Performance

Shares of NYSE ATI traded down $0.44 during mid-day trading on Wednesday, hitting $50.73. 756,563 shares of the company were exchanged, compared to its average volume of 1,299,830. The company has a quick ratio of 1.53, a current ratio of 2.80 and a debt-to-equity ratio of 1.45. The stock has a 50 day simple moving average of $48.46 and a 200-day simple moving average of $44.11. ATI has a 1-year low of $34.10 and a 1-year high of $52.98. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 1.44 and a beta of 1.22.

ATI (NYSE:ATI) last posted its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. ATI had a return on equity of 24.64% and a net margin of 8.81%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 earnings per share.

Institutional Trading of ATI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its position in ATI by 295.9% during the 3rd quarter. Clearstead Advisors LLC now owns 669 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 500 shares in the last quarter. Belpointe Asset Management LLC increased its position in ATI by 65.3% during the 1st quarter. Belpointe Asset Management LLC now owns 843 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 333 shares in the last quarter. Covestor Ltd increased its position in ATI by 73.1% during the 3rd quarter. Covestor Ltd now owns 1,044 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 441 shares in the last quarter. GAMMA Investing LLC purchased a new stake in ATI during the 4th quarter worth about $58,000. Finally, West Tower Group LLC increased its position in ATI by 243.6% during the 4th quarter. West Tower Group LLC now owns 1,457 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 1,033 shares in the last quarter.

Insider Activity

In other news, VP Timothy J. Harris sold 6,325 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was 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 in the company, valued at $4,640,007.64. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.05% of the company’s stock.

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.