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Allegheny Technologies (ATI) Stock Falls Amid Market Uptick: What Investors Need to Know
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The most recent trading session ended with Allegheny Technologies (ATI - Free Report) standing at $64.86, reflecting a -1.04% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.12%, and the Nasdaq, a tech-heavy index, added 0.07%.
Shares of the maker of steel and specialty metals have appreciated by 18.2% over the course of the past month, outperforming the Basic Materials sector's loss of 1.43% and the S&P 500's loss of 0.21%.
Market participants will be closely following the financial results of Allegheny Technologies in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company is expected to report EPS of $0.58, down 1.69% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.1 billion, indicating a 5.55% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.46 per share and a revenue of $4.5 billion, representing changes of -3.91% and +7.91%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Allegheny Technologies. Recent revisions tend to reflect the latest near-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 demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.63% higher within the past month. Right now, Allegheny Technologies possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Allegheny Technologies currently has a Forward P/E ratio of 26.63. This valuation marks a premium compared to its industry's average Forward P/E of 17.01.
It's also important to note that ATI currently trades at a PEG ratio of 1.64. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Steel - Speciality industry had an average PEG ratio of 0.94.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Allegheny Technologies (ATI) Stock Falls Amid Market Uptick: What Investors Need to Know
The most recent trading session ended with Allegheny Technologies (ATI - Free Report) standing at $64.86, reflecting a -1.04% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.12%, and the Nasdaq, a tech-heavy index, added 0.07%.
Shares of the maker of steel and specialty metals have appreciated by 18.2% over the course of the past month, outperforming the Basic Materials sector's loss of 1.43% and the S&P 500's loss of 0.21%.
Market participants will be closely following the financial results of Allegheny Technologies in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company is expected to report EPS of $0.58, down 1.69% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.1 billion, indicating a 5.55% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.46 per share and a revenue of $4.5 billion, representing changes of -3.91% and +7.91%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Allegheny Technologies. Recent revisions tend to reflect the latest near-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 demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.63% higher within the past month. Right now, Allegheny Technologies possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Allegheny Technologies currently has a Forward P/E ratio of 26.63. This valuation marks a premium compared to its industry's average Forward P/E of 17.01.
It's also important to note that ATI currently trades at a PEG ratio of 1.64. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Steel - Speciality industry had an average PEG ratio of 0.94.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.