Connor Clark & Lunn Investment Management Ltd. Sells 315,556 Shares of ATS Corporation $ATS

Key Points

• Connor Clark & Lunn cut its ATS stake by 13.3%, selling 315,556 shares to hold 2,053,472 shares (about 2.09% of the company) valued at roughly $53.7 million after the 3rd quarter.
• Other institutions were active: EdgePoint increased its stake 28.2% to 6,434,005 shares (~$205.3M), Vanguard slightly boosted holdings, and Norges Bank initiated a ~ $32.8M position, leaving institutions with 75.84% ownership.
• Stock and results — ATS opened at $29.80 (52-week range $20.90–$33.01) with a $2.92B market cap and a P/E of 198.7; it posted a quarterly EPS beat ($0.34 vs. $0.30) but missed revenue estimates, and analysts have a consensus "Moderate Buy" with a $35 target.

Connor Clark & Lunn Investment Management Ltd. cut its stake in ATS Corporation (NYSE:ATS - Free Report) by 13.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,053,472 shares of the company's stock after selling 315,556 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 2.09% of ATS worth $53,712,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. EdgePoint Investment Group Inc. lifted its stake in ATS by 28.2% during the second quarter. EdgePoint Investment Group Inc. now owns 6,434,005 shares of the company's stock worth $205,330,000 after purchasing an additional 1,416,009 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of ATS by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 3,341,435 shares of the company's stock valued at $87,419,000 after buying an additional 69,334 shares in the last quarter. Burgundy Asset Management Ltd. lifted its position in ATS by 2.5% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,812,147 shares of the company's stock worth $57,687,000 after buying an additional 43,365 shares during the last quarter. Mackenzie Financial Corp boosted its stake in ATS by 17.5% in the second quarter. Mackenzie Financial Corp now owns 1,410,833 shares of the company's stock worth $45,023,000 after buying an additional 210,570 shares in the last quarter. Finally, Norges Bank purchased a new stake in ATS in the second quarter worth approximately $32,789,000. Hedge funds and other institutional investors own 75.84% of the company's stock.

ATS Stock Down 0.7%

Shares of ATS stock opened at $29.80 on Thursday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.37 and a current ratio of 1.65. ATS Corporation has a 52-week low of $20.90 and a 52-week high of $33.01. The company's 50 day moving average price is $30.22 and its 200-day moving average price is $28.04. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 198.71 and a beta of 1.10.

ATS (NYSE:ATS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.04. The company had revenue of $553.81 million during the quarter, compared to analyst estimates of $722.96 million. ATS had a net margin of 0.77% and a return on equity of 9.67%. The firm's revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 EPS. Equities research analysts forecast that ATS Corporation will post 1.02 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on ATS shares. Scotiabank reissued an "outperform" rating on shares of ATS in a research note on Thursday, January 29th. JPMorgan Chase & Co. increased their target price on shares of ATS from $33.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, January 16th. Wall Street Zen cut shares of ATS from a "strong-buy" rating to a "buy" rating in a research report on Sunday, February 15th. Weiss Ratings reissued a "sell (d)" rating on shares of ATS in a research note on Wednesday, January 21st. Finally, Zacks Research upgraded shares of ATS from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.00.

About ATS

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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