Yahoo Finance Allegheny Technologies (ATI) Outpaces Stock Market Gains: What You Should Know
Allegheny Technologies (ATI) closed the most recent trading day at $55.20, moving +0.6% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.25%. On the other hand, the Dow registered a gain of 0.15%, and the technology-centric Nasdaq increased by 0.03%.
Prior to today's trading, shares of the maker of steel and specialty metals had lost 9.65% over the past month. This has lagged the Basic Materials sector's loss of 6.9% and the S&P 500's gain of 3.34% in that time.
Market participants will be closely following the financial results of Allegheny Technologies in its upcoming release. It is anticipated that the company will report an EPS of $0.57, marking a 3.39% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.1 billion, indicating a 5.39% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.45 per share and a revenue of $4.5 billion, indicating changes of -4.3% and +7.91%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Allegheny Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.56% increase. Allegheny Technologies is currently sporting a Zacks Rank of #2 (Buy).
From a valuation perspective, Allegheny Technologies is currently exchanging hands at a Forward P/E ratio of 22.43. This expresses a premium compared to the average Forward P/E of 18.86 of its industry.
It is also worth noting that ATI currently has a PEG ratio of 1.39. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Steel - Speciality stocks are, on average, holding a PEG ratio of 0.9 based on yesterday's closing prices.
The Steel - Speciality industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 96, finds itself in the top 39% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ATI Inc. (ATI) : Free Stock Analysis Report
