The most recent trading session ended with Allegheny Technologies (ATI) standing at $57.10, reflecting a +1.08% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 1.83%. On the other hand, the Dow registered a gain of 1.65%, and the technology-centric Nasdaq increased by 2.45%.
The the stock of maker of steel and specialty metals has risen by 2.24% in the past month, leading the Basic Materials sector's loss of 6.01% and the S&P 500's loss of 3.31%.
The investment community will be closely monitoring the performance of Allegheny Technologies in its forthcoming earnings report. The company is scheduled to release its earnings on February 4, 2025. In that report, analysts expect Allegheny Technologies to post earnings of $0.60 per share. This would mark a year-over-year decline of 6.25%. At the same time, our most recent consensus estimate is projecting a revenue of $1.08 billion, reflecting a 1.83% rise from the equivalent quarter last year.
Investors might also notice recent changes to analyst estimates for Allegheny Technologies. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, 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. Within the past 30 days, our consensus EPS projection remained stagnant. Allegheny Technologies is currently sporting a Zacks Rank of #2 (Buy).
With respect to valuation, Allegheny Technologies is currently being traded at a Forward P/E ratio of 19.63. This expresses a premium compared to the average Forward P/E of 14.81 of its industry.
Also, we should mention that ATI has a PEG ratio of 1.51. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Steel - Speciality industry held an average PEG ratio of 0.99.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 12, putting it in the top 5% 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.
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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