The most recent trading session ended with Allegheny Technologies (ATI) standing at $56.50, reflecting a +0.87% shift from the previouse trading day's closing. Elsewhere, the Dow lost 0.2%, while the tech-heavy Nasdaq added 0.12%.
Shares of the maker of steel and specialty metals have depreciated by 0.32% over the course of the past month, outperforming the Basic Materials sector's loss of 1.32% and lagging the S&P 500's gain of 1.27%.
Market participants will be closely following the financial results of Allegheny Technologies in its upcoming release. The company is forecasted to report an EPS of $0.64, showcasing no movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $1.09 billion, up 1.98% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.35 per share and revenue of $4.31 billion, which would represent changes of -8.2% and +3.19%, respectively, from the prior 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. 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. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Allegheny Technologies boasts a Zacks Rank of #4 (Sell).
In the context of valuation, Allegheny Technologies is at present trading with a Forward P/E ratio of 23.84. For comparison, its industry has an average Forward P/E of 23.84, which means Allegheny Technologies is trading at no noticeable deviation to the group.
One should further note that ATI currently holds a PEG ratio of 1.87. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Steel - Speciality industry had an average PEG ratio of 1.68.
The Steel - Speciality industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 77, this industry ranks in the top 31% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. 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.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpATI Inc. (ATI) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
