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Allegheny Technologies (ATI) ended the recent trading session at $58.56, demonstrating a -0.71% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.29%. At the same time, the Dow lost 0.32%, and the tech-heavy Nasdaq lost 0.5%.
Shares of the maker of steel and specialty metals witnessed a gain of 5.06% over the previous month, beating the performance of the Basic Materials sector with its gain of 1.82% and the S&P 500's gain of 2.52%.
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. The company is forecasted to report an EPS of $0.60, showcasing a 6.25% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.08 billion, up 1.83% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Allegheny Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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, the Zacks Consensus EPS estimate has shifted 0.23% downward. As of now, Allegheny Technologies holds a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Allegheny Technologies has a Forward P/E ratio of 20.54 right now. This indicates a premium in contrast to its industry's Forward P/E of 14.17.
It is also worth noting that ATI currently has a PEG ratio of 1.57. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Steel - Speciality industry had an average PEG ratio of 1 as trading concluded yesterday.
The Steel - Speciality industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 51, placing it within the top 21% of over 250 industries.