Why Allegheny Technologies (ATI) Dipped More Than Broader Market Today

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.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.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ATI Inc. (ATI): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks