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Allegheny Technologies (ATI) Dips More Than Broader Markets: What You Should Know

Allegheny Technologies (ATI) closed the most recent trading day at $28.90, moving -1.83% from the previous trading session. This change lagged the S&P 500's daily loss of 0.2%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.12%.

Prior to today's trading, shares of the maker of steel and specialty metals had lost 0.88% over the past month. This has lagged the Basic Materials sector's gain of 2.24% and was narrower than the S&P 500's loss of 3.29% in that time.

Wall Street will be looking for positivity from Allegheny Technologies as it approaches its next earnings report date. On that day, Allegheny Technologies is projected to report earnings of $0.53 per share, which would represent year-over-year growth of 960%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $922.44 million, up 27.11% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $2.02 per share and revenue of $3.65 billion, which would represent changes of +1453.85% and +30.24%, respectively, from the prior year.

Investors should also note any 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.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 is holding a Zacks Rank of #1 (Strong Buy) right now.

In terms of valuation, Allegheny Technologies is currently trading at a Forward P/E ratio of 14.57. For comparison, its industry has an average Forward P/E of 11.88, which means Allegheny Technologies is trading at a premium to the group.

The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 42, putting it in the top 17% 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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