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Allegheny Technologies (ATI) Falls More Steeply Than Broader Market: What Investors Need to Know
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In the latest market close, Allegheny Technologies (ATI - Free Report) reached $59.06, with a -1.2% movement compared to the previous day. This change lagged the S&P 500's daily loss of 0.78%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 0.7%.
Heading into today, shares of the maker of steel and specialty metals had gained 8.3% over the past month, outpacing the Basic Materials sector's gain of 1.42% and the S&P 500's gain of 2.14% in that time.
The upcoming earnings release of Allegheny Technologies will be of great interest to investors. The company's earnings report is expected on August 6, 2024. The company is predicted to post an EPS of $0.58, indicating a 1.69% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.1 billion, indicating a 5.55% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.46 per share and a revenue of $4.5 billion, indicating changes of -3.91% and +7.91%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Allegheny Technologies. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.63% higher within the past month. Allegheny Technologies is currently a Zacks Rank #3 (Hold).
With respect to valuation, Allegheny Technologies is currently being traded at a Forward P/E ratio of 24.28. For comparison, its industry has an average Forward P/E of 16.55, which means Allegheny Technologies is trading at a premium to the group.
It is also worth noting that ATI currently has a PEG ratio of 1.5. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. ATI's industry had an average PEG ratio of 0.94 as of yesterday's close.
The Steel - Speciality industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Allegheny Technologies (ATI) Falls More Steeply Than Broader Market: What Investors Need to Know
In the latest market close, Allegheny Technologies (ATI - Free Report) reached $59.06, with a -1.2% movement compared to the previous day. This change lagged the S&P 500's daily loss of 0.78%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 0.7%.
Heading into today, shares of the maker of steel and specialty metals had gained 8.3% over the past month, outpacing the Basic Materials sector's gain of 1.42% and the S&P 500's gain of 2.14% in that time.
The upcoming earnings release of Allegheny Technologies will be of great interest to investors. The company's earnings report is expected on August 6, 2024. The company is predicted to post an EPS of $0.58, indicating a 1.69% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.1 billion, indicating a 5.55% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.46 per share and a revenue of $4.5 billion, indicating changes of -3.91% and +7.91%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Allegheny Technologies. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.63% higher within the past month. Allegheny Technologies is currently a Zacks Rank #3 (Hold).
With respect to valuation, Allegheny Technologies is currently being traded at a Forward P/E ratio of 24.28. For comparison, its industry has an average Forward P/E of 16.55, which means Allegheny Technologies is trading at a premium to the group.
It is also worth noting that ATI currently has a PEG ratio of 1.5. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. ATI's industry had an average PEG ratio of 0.94 as of yesterday's close.
The Steel - Speciality industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.