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Allegheny Technologies (ATI) Beats Stock Market Upswing: What Investors Need to Know
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Allegheny Technologies (ATI - Free Report) closed at $65.54 in the latest trading session, marking a +1.96% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.11%. Meanwhile, the Dow experienced a rise of 1.64%, and the technology-dominated Nasdaq saw an increase of 1.03%.
The the stock of maker of steel and specialty metals has risen by 13.73% in the past month, leading the Basic Materials sector's loss of 2.29% and the S&P 500's loss of 1.16%.
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.
For the full year, the Zacks Consensus Estimates project earnings of $2.46 per share and a revenue of $4.5 billion, demonstrating changes of -3.91% and +7.91%, respectively, from the preceding year.
Investors should also note any recent changes to analyst estimates for Allegheny Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.63% higher. Currently, Allegheny Technologies is carrying a Zacks Rank of #3 (Hold).
In the context of valuation, Allegheny Technologies is at present trading with a Forward P/E ratio of 26.11. This denotes a premium relative to the industry's average Forward P/E of 16.52.
Also, we should mention that ATI has a PEG ratio of 1.61. 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. The average PEG ratio for the Steel - Speciality industry stood at 0.94 at the close of the market yesterday.
The Steel - Speciality industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 65, finds itself in the top 26% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.
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Allegheny Technologies (ATI) Beats Stock Market Upswing: What Investors Need to Know
Allegheny Technologies (ATI - Free Report) closed at $65.54 in the latest trading session, marking a +1.96% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.11%. Meanwhile, the Dow experienced a rise of 1.64%, and the technology-dominated Nasdaq saw an increase of 1.03%.
The the stock of maker of steel and specialty metals has risen by 13.73% in the past month, leading the Basic Materials sector's loss of 2.29% and the S&P 500's loss of 1.16%.
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.
For the full year, the Zacks Consensus Estimates project earnings of $2.46 per share and a revenue of $4.5 billion, demonstrating changes of -3.91% and +7.91%, respectively, from the preceding year.
Investors should also note any recent changes to analyst estimates for Allegheny Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.63% higher. Currently, Allegheny Technologies is carrying a Zacks Rank of #3 (Hold).
In the context of valuation, Allegheny Technologies is at present trading with a Forward P/E ratio of 26.11. This denotes a premium relative to the industry's average Forward P/E of 16.52.
Also, we should mention that ATI has a PEG ratio of 1.61. 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. The average PEG ratio for the Steel - Speciality industry stood at 0.94 at the close of the market yesterday.
The Steel - Speciality industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 65, finds itself in the top 26% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.