ATI (NYSE:ATI) Shares Gap Down - Time to Sell?

Key Points

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ATI Inc. (NYSE:ATI - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $94.24, but opened at $85.25. ATI shares last traded at $77.41, with a volume of 1,798,798 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. KeyCorp downgraded shares of ATI from an "overweight" rating to a "sector weight" rating in a report on Tuesday, May 20th. Benchmark reiterated a "buy" rating and set a $81.00 price target on shares of ATI in a report on Monday, April 21st. JPMorgan Chase & Co. upped their price target on shares of ATI from $75.00 to $92.00 and gave the stock an "overweight" rating in a report on Friday. BTIG Research set a $105.00 price target on shares of ATI and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft set a $115.00 price objective on shares of ATI and gave the stock a "hold" rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $89.00.

ATI Stock Performance

The company's fifty day moving average is $85.97 and its 200 day moving average is $67.39. The company has a market capitalization of $10.81 billion, a P/E ratio of 26.61, a P/E/G ratio of 1.02 and a beta of 1.20. The company has a current ratio of 2.52, a quick ratio of 1.30 and a debt-to-equity ratio of 0.92.

ATI (NYSE:ATI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.15 billion. ATI had a net margin of 9.26% and a return on equity of 21.34%. ATI's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. As a group, equities analysts anticipate that ATI Inc. will post 2.89 earnings per share for the current year.

Insider Buying and Selling

In other ATI news, Chairman Robert S. Wetherbee sold 50,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $68.18, for a total value of $3,409,000.00. Following the completion of the transaction, the chairman directly owned 506,538 shares of the company's stock, valued at $34,535,760.84. This trade represents a 8.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 195,359 shares of company stock valued at $15,103,486. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On ATI

A number of large investors have recently modified their holdings of ATI. Oarsman Capital Inc. purchased a new position in ATI in the second quarter worth about $308,000. Teacher Retirement System of Texas raised its holdings in ATI by 33.7% in the second quarter. Teacher Retirement System of Texas now owns 31,931 shares of the basic materials company's stock worth $2,757,000 after buying an additional 8,041 shares during the last quarter. Bessemer Group Inc. raised its holdings in ATI by 173.9% in the second quarter. Bessemer Group Inc. now owns 1,813 shares of the basic materials company's stock worth $157,000 after buying an additional 1,151 shares during the last quarter. Darden Wealth Group Inc purchased a new position in ATI in the second quarter worth about $294,000. Finally, AlphaQuest LLC raised its holdings in ATI by 3.0% in the second quarter. AlphaQuest LLC now owns 5,772 shares of the basic materials company's stock worth $498,000 after buying an additional 170 shares during the last quarter.

ATI Company 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.