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Allegheny Technologies (ATI) Gains But Lags Market: What You Should Know
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Allegheny Technologies (ATI - Free Report) closed at $57.89 in the latest trading session, marking a +0.63% move from the prior day. This move lagged the S&P 500's daily gain of 1.02%. Elsewhere, the Dow gained 1.09%, while the tech-heavy Nasdaq added 1.18%.
Heading into today, shares of the maker of steel and specialty metals had lost 0.96% over the past month, outpacing the Basic Materials sector's loss of 3.78% and lagging the S&P 500's gain of 4.44% in that time.
The investment community will be paying close attention to the earnings performance of Allegheny Technologies in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company is expected to report EPS of $0.58, down 1.69% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $1.1 billion, indicating a 5.39% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.46 per share and a revenue of $4.5 billion, indicating changes of -3.91% and +7.91%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Allegheny Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.2% higher. Currently, Allegheny Technologies is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Allegheny Technologies currently has a Forward P/E ratio of 23.37. This expresses a premium compared to the average Forward P/E of 15.46 of its industry.
It's also important to note that ATI currently trades at a PEG ratio of 1.45. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Steel - Speciality was holding an average PEG ratio of 0.93 at yesterday's closing price.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 179, putting it in the bottom 29% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Allegheny Technologies (ATI) Gains But Lags Market: What You Should Know
Allegheny Technologies (ATI - Free Report) closed at $57.89 in the latest trading session, marking a +0.63% move from the prior day. This move lagged the S&P 500's daily gain of 1.02%. Elsewhere, the Dow gained 1.09%, while the tech-heavy Nasdaq added 1.18%.
Heading into today, shares of the maker of steel and specialty metals had lost 0.96% over the past month, outpacing the Basic Materials sector's loss of 3.78% and lagging the S&P 500's gain of 4.44% in that time.
The investment community will be paying close attention to the earnings performance of Allegheny Technologies in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company is expected to report EPS of $0.58, down 1.69% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $1.1 billion, indicating a 5.39% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.46 per share and a revenue of $4.5 billion, indicating changes of -3.91% and +7.91%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Allegheny Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.2% higher. Currently, Allegheny Technologies is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Allegheny Technologies currently has a Forward P/E ratio of 23.37. This expresses a premium compared to the average Forward P/E of 15.46 of its industry.
It's also important to note that ATI currently trades at a PEG ratio of 1.45. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Steel - Speciality was holding an average PEG ratio of 0.93 at yesterday's closing price.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 179, putting it in the bottom 29% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.