Forest Avenue Capital Management LP Buys New Shares in ATI Inc. $ATI

Key Points

• Forest Avenue Capital Management LP acquired 862,334 shares of ATI Inc., valued at approximately $44.87 million, making it the firm's 10th largest position.
• ATI reported quarterly earnings of $0.74 per share, which exceeded analysts' expectations, and experienced a 4.1% revenue increase year-over-year.
• Several institutions, including Bessemer Group Inc. and Golden State Wealth Management LLC, significantly increased their stakes in ATI during the first quarter of 2023.

Forest Avenue Capital Management LP acquired a new position in shares of ATI Inc. (NYSE:ATI - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 862,334 shares of the basic materials company's stock, valued at approximately $44,867,000. ATI accounts for about 6.1% of Forest Avenue Capital Management LP's holdings, making the stock its 10th largest position. Forest Avenue Capital Management LP owned approximately 0.61% of ATI at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ATI. Woodline Partners LP boosted its position in shares of ATI by 132.0% during the fourth quarter. Woodline Partners LP now owns 991,741 shares of the basic materials company's stock worth $54,585,000 after buying an additional 564,308 shares during the period. Senator Investment Group LP lifted its position in ATI by 68.7% in the first quarter. Senator Investment Group LP now owns 1,212,500 shares of the basic materials company's stock worth $63,086,000 after purchasing an additional 493,944 shares during the period. SG Capital Management LLC acquired a new stake in shares of ATI during the 4th quarter valued at $18,443,000. Northern Trust Corp lifted its position in shares of ATI by 33.4% during the 1st quarter. Northern Trust Corp now owns 1,262,761 shares of the basic materials company's stock valued at $65,701,000 after acquiring an additional 316,090 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of ATI by 35.5% during the 1st quarter. Neuberger Berman Group LLC now owns 1,132,296 shares of the basic materials company's stock valued at $58,913,000 after acquiring an additional 296,634 shares during the last quarter.

ATI Stock Up 1.4%

NYSE:ATI traded up $1.07 during trading hours on Thursday, reaching $77.83. The company's stock had a trading volume of 532,612 shares, compared to its average volume of 2,057,895. The company has a market cap of $10.73 billion, a price-to-earnings ratio of 27.02, a price-to-earnings-growth ratio of 1.04 and a beta of 1.20. ATI Inc. has a one year low of $39.23 and a one year high of $96.20. The business's 50-day moving average is $82.98 and its 200-day moving average is $69.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.52 and a quick ratio of 1.20.

ATI (NYSE:ATI - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.02. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations 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 in the prior year, the company posted $0.60 earnings per share. ATI has set its FY 2025 guidance at 2.900-3.07 EPS. Q3 2025 guidance at 0.690-0.75 EPS. Equities research analysts predict that ATI Inc. will post 2.89 EPS for the current year.

Insiders Place Their Bets

In related news, Chairman Robert S. Wetherbee sold 50,000 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $74.66, for a total value of $3,733,000.00. Following the completion of the sale, the chairman directly owned 306,538 shares in the company, valued at approximately $22,886,127.08. This represents a 14.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David J. Morehouse sold 7,900 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $75.81, for a total transaction of $598,899.00. Following the completion of the sale, the director owned 44,777 shares of the company's stock, valued at $3,394,544.37. This represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 157,900 shares of company stock valued at $12,610,399 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. KeyCorp downgraded ATI from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, May 20th. Zacks Research raised shares of ATI to a "hold" rating in a research note on Tuesday, August 12th. Susquehanna cut their target price on shares of ATI from $105.00 to $100.00 and set a "positive" rating on the stock in a research note on Friday, August 1st. JPMorgan Chase & Co. boosted their target price on shares of ATI from $75.00 to $92.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft set a $115.00 target price on shares of ATI and gave the company a "hold" rating in a research note on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $93.29.

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.