Bank of America Corp DE Cuts Position in ATS Corporation $ATS

Key Points

• Bank of America reduced its ATS Corporation stake by 14% in the first quarter, selling 154,506 shares and retaining 945,875 shares valued at approximately $26.7 million. Institutional investors collectively own 75.84% of ATS.
• ATS reported weaker-than-expected quarterly results, with earnings per share of $0.25 versus the $0.28 consensus estimate and revenue of $488.4 million versus $509.7 million expected. Revenue declined 5.8% year over year.
• The stock opened at $20.29, near its 52-week low, while analyst sentiment remains mixed: ATS has a consensus “Hold” rating and an average price target of $42.50.

Bank of America Corp DE lessened its position in ATS Corporation (NYSE:ATS - Free Report) by 14.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 945,875 shares of the company's stock after selling 154,506 shares during the quarter. Bank of America Corp DE owned 0.96% of ATS worth $26,674,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC purchased a new stake in ATS in the fourth quarter worth approximately $29,000. Quarry LP bought a new stake in shares of ATS in the 3rd quarter worth approximately $32,000. State of Wyoming purchased a new stake in shares of ATS in the 1st quarter valued at $34,000. Raymond James Financial Inc. bought a new position in shares of ATS during the 2nd quarter valued at $43,000. Finally, Barclays PLC raised its position in ATS by 16.8% in the 4th quarter. Barclays PLC now owns 5,264 shares of the company's stock worth $145,000 after purchasing an additional 756 shares during the period. Institutional investors own 75.84% of the company's stock.

ATS Price Performance

Shares of NYSE ATS opened at $20.29 on Monday. ATS Corporation has a 1 year low of $19.14 and a 1 year high of $35.82. The stock has a market capitalization of $1.99 billion, a P/E ratio of 59.68 and a beta of 1.22. The company's 50-day moving average is $26.50 and its 200 day moving average is $29.48. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.63 and a quick ratio of 1.33.

ATS (NYSE:ATS - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). The firm had revenue of $488.38 million for the quarter, compared to the consensus estimate of $509.71 million. ATS had a net margin of 1.60% and a return on equity of 8.96%. The business's revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.41 earnings per share. On average, sell-side analysts expect that ATS Corporation will post 1.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

ATS has been the topic of a number of recent research reports. TD Securities cut ATS from a "buy" rating to a "hold" rating in a research note on Monday, August 10th. Scotiabank restated an "outperform" rating on shares of ATS in a research report on Tuesday, April 28th. Desjardins started coverage on ATS in a research report on Tuesday, June 16th. They issued a "buy" rating for the company. Zacks Research cut shares of ATS from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 9th. Finally, Weiss Ratings downgraded shares of ATS from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, ATS currently has a consensus rating of "Hold" and a consensus price target of $42.50.

ATS Profile

ATS Corporation NYSE: ATS is a Canada-based global provider of automation and energy solutions. Headquartered in Cambridge, Ontario, the company specializes in the design, engineering and manufacturing of custom automation and test systems, as well as fluid handling and control products. Since its founding in 1978, ATS has focused on delivering integrated hardware and software solutions that help original equipment manufacturers (OEMs) improve efficiency, quality and throughput across a range of industries.

Through its Automation segment, ATS develops bespoke assembly and testing platforms for sectors such as life sciences, consumer electronics, automotive and industrial equipment.

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