ATI (NYSE:ATI) Updates FY 2024 Earnings Guidance

by · The Cerbat Gem

ATI (NYSE:ATI – Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.240-2.300 for the period, compared to the consensus earnings per share estimate of 2.450. The company issued revenue guidance of -. ATI also updated its FY24 guidance to $2.24-2.30 EPS.

ATI Stock Performance

Shares of NYSE:ATI traded down $1.51 on Thursday, hitting $52.70. The company’s stock had a trading volume of 2,539,621 shares, compared to its average volume of 1,447,517. ATI has a 12 month low of $36.70 and a 12 month high of $68.92. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 1.38 and a beta of 1.04. The stock’s 50-day moving average is $63.02 and its two-hundred day moving average is $60.20. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13.

ATI (NYSE:ATI – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.06). The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.12 billion. ATI had a return on equity of 23.05% and a net margin of 8.74%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 EPS. On average, equities research analysts forecast that ATI will post 2.47 EPS for the current year.

ATI announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 3rd that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the basic materials company to repurchase up to 9.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ATI. Deutsche Bank Aktiengesellschaft upped their target price on ATI from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Susquehanna dropped their target price on ATI from $75.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday. KeyCorp lowered ATI from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. increased their price objective on ATI from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Benchmark reissued a “buy” rating and set a $80.00 price objective on shares of ATI in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.71.

Check Out Our Latest Research Report on ATI

Insider Buying and Selling

In related news, Chairman Robert S. Wetherbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $62.23, for a total transaction of $1,555,750.00. Following the completion of the transaction, the chairman now owns 486,443 shares in the company, valued at $30,271,347.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.05% of the stock is owned by corporate insiders.

ATI Company Profile

(Get Free Report)

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.

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