Bank of America Corp DE Makes New Investment in ATS Corporation $ATS

Key Points

• Bank of America acquired 1.12 million ATS shares in the second quarter, worth approximately $32.3 million and representing a 1.14% stake. Institutional investors collectively own 75.84% of the company.
• ATS reported weaker-than-expected quarterly results, with EPS of $0.25 versus a $0.28 consensus estimate and revenue of $488.4 million versus $509.7 million expected. Revenue declined 5.8% year over year, while the stock recently traded at $19.13.
• Analyst sentiment is mixed, with three Buy, three Hold and one Sell rating; the consensus rating is Hold, with a target price of $42.50.

Bank of America Corp DE acquired a new stake in ATS Corporation (NYSE:ATS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,122,152 shares of the company's stock, valued at approximately $32,296,000. Bank of America Corp DE owned 1.14% of ATS at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. State of Wyoming purchased a new stake in ATS in the 2nd quarter valued at $33,000. Deutsche Bank AG purchased a new position in ATS during the 2nd quarter worth $311,000. Savant Capital LLC purchased a new position in ATS during the 4th quarter worth $313,000. Pictet Asset Management Holding SA increased its stake in ATS by 2.6% in the first quarter. Pictet Asset Management Holding SA now owns 16,423 shares of the company's stock valued at $461,000 after purchasing an additional 417 shares during the period. Finally, Purpose Unlimited Inc. acquired a new position in ATS in the fourth quarter valued at $793,000. 75.84% of the stock is currently owned by hedge funds and other institutional investors.

ATS Stock Down 0.2%

ATS stock opened at $19.13 on Wednesday. ATS Corporation has a one year low of $18.41 and a one year high of $35.82. The stock has a market capitalization of $1.88 billion, a PE ratio of 56.26 and a beta of 1.17. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.33 and a current ratio of 1.63. The company has a fifty day moving average of $21.97 and a 200-day moving average of $27.29.

ATS (NYSE:ATS - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.03). ATS had a net margin of 1.60% and a return on equity of 8.96%. The firm had revenue of $488.38 million during the quarter, compared to analyst estimates of $509.71 million. During the same quarter in the previous year, the business earned $0.41 EPS. ATS's revenue for the quarter was down 5.8% on a year-over-year basis. As a group, analysts expect that ATS Corporation will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ATS shares. Zacks Research downgraded shares of ATS from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 9th. Weiss Ratings upgraded ATS from a "sell (d)" rating to a "hold (c-)" rating in a research report on Thursday, August 20th. Desjardins assumed coverage on ATS in a research note on Tuesday, June 16th. They set a "buy" rating for the company. Royal Bank Of Canada decreased their price objective on ATS from $51.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, May 29th. Finally, Wall Street Zen downgraded ATS from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $42.50.

ATS Company Profile

ATS Corporation NYSE: ATS is a Canadian automation and technology company that designs, builds and services customized manufacturing systems. The company helps manufacturers automate production, assembly, testing, inspection, packaging and material-handling processes, with solutions tailored to complex and high-volume applications.

ATS serves a range of industries, including life sciences, pharmaceuticals, medical devices, transportation, electric vehicles, energy, consumer products and industrial manufacturing.

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