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Allegheny Technologies (ATI) Gains But Lags Market: What You Should Know
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Allegheny Technologies (ATI - Free Report) closed at $27.75 in the latest trading session, marking a +1.76% move from the prior day. This change lagged the S&P 500's 2.6% gain on the day. Meanwhile, the Dow gained 2.83%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Coming into today, shares of the maker of steel and specialty metals had lost 10.06% in the past month. In that same time, the Basic Materials sector lost 10.77%, while the S&P 500 lost 12.9%.
Investors will be hoping for strength from Allegheny Technologies as it approaches its next earnings release, which is expected to be November 2, 2022. On that day, Allegheny Technologies is projected to report earnings of $0.52 per share, which would represent year-over-year growth of 940%. Our most recent consensus estimate is calling for quarterly revenue of $922.44 million, up 27.11% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.91 per share and revenue of $3.65 billion, which would represent changes of +1369.23% and +30.24%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Allegheny Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Allegheny Technologies currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Allegheny Technologies has a Forward P/E ratio of 14.28 right now. This represents a premium compared to its industry's average Forward P/E of 11.71.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 93, putting it in the top 37% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Allegheny Technologies (ATI) Gains But Lags Market: What You Should Know
Allegheny Technologies (ATI - Free Report) closed at $27.75 in the latest trading session, marking a +1.76% move from the prior day. This change lagged the S&P 500's 2.6% gain on the day. Meanwhile, the Dow gained 2.83%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Coming into today, shares of the maker of steel and specialty metals had lost 10.06% in the past month. In that same time, the Basic Materials sector lost 10.77%, while the S&P 500 lost 12.9%.
Investors will be hoping for strength from Allegheny Technologies as it approaches its next earnings release, which is expected to be November 2, 2022. On that day, Allegheny Technologies is projected to report earnings of $0.52 per share, which would represent year-over-year growth of 940%. Our most recent consensus estimate is calling for quarterly revenue of $922.44 million, up 27.11% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.91 per share and revenue of $3.65 billion, which would represent changes of +1369.23% and +30.24%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Allegheny Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Allegheny Technologies currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Allegheny Technologies has a Forward P/E ratio of 14.28 right now. This represents a premium compared to its industry's average Forward P/E of 11.71.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 93, putting it in the top 37% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.