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Allegheny Technologies (ATI) Exceeds Market Returns: Some Facts to Consider
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In the latest market close, Allegheny Technologies (ATI - Free Report) reached $63.02, with a +0.75% movement compared to the previous day. The stock's change was more than the S&P 500's daily gain of 0.47%. Meanwhile, the Dow gained 0.79%, and the Nasdaq, a tech-heavy index, added 0.28%.
Prior to today's trading, shares of the maker of steel and specialty metals had gained 1.15% over the past month. This has lagged the Basic Materials sector's gain of 6.97% and the S&P 500's gain of 3.48% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Allegheny Technologies in its upcoming earnings disclosure. The company's earnings report is set to go public on October 29, 2024. The company is forecasted to report an EPS of $0.66, showcasing a 20% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $1.13 billion, showing a 9.92% escalation compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.47 per share and revenue of $4.46 billion. These totals would mark changes of -3.52% and +6.8%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Allegheny Technologies. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.27% decrease. As of now, Allegheny Technologies holds a Zacks Rank of #3 (Hold).
Digging into valuation, Allegheny Technologies currently has a Forward P/E ratio of 25.31. This denotes a premium relative to the industry's average Forward P/E of 14.33.
It's also important to note that ATI currently trades at a PEG ratio of 1.41. 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. The Steel - Speciality was holding an average PEG ratio of 0.9 at yesterday's closing price.
The Steel - Speciality industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 14, which puts it in the top 6% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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) Exceeds Market Returns: Some Facts to Consider
In the latest market close, Allegheny Technologies (ATI - Free Report) reached $63.02, with a +0.75% movement compared to the previous day. The stock's change was more than the S&P 500's daily gain of 0.47%. Meanwhile, the Dow gained 0.79%, and the Nasdaq, a tech-heavy index, added 0.28%.
Prior to today's trading, shares of the maker of steel and specialty metals had gained 1.15% over the past month. This has lagged the Basic Materials sector's gain of 6.97% and the S&P 500's gain of 3.48% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Allegheny Technologies in its upcoming earnings disclosure. The company's earnings report is set to go public on October 29, 2024. The company is forecasted to report an EPS of $0.66, showcasing a 20% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $1.13 billion, showing a 9.92% escalation compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.47 per share and revenue of $4.46 billion. These totals would mark changes of -3.52% and +6.8%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Allegheny Technologies. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.27% decrease. As of now, Allegheny Technologies holds a Zacks Rank of #3 (Hold).
Digging into valuation, Allegheny Technologies currently has a Forward P/E ratio of 25.31. This denotes a premium relative to the industry's average Forward P/E of 14.33.
It's also important to note that ATI currently trades at a PEG ratio of 1.41. 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. The Steel - Speciality was holding an average PEG ratio of 0.9 at yesterday's closing price.
The Steel - Speciality industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 14, which puts it in the top 6% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.