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Allegheny Technologies (ATI) Gains But Lags Market: What You Should Know

Allegheny Technologies (ATI) closed at $28.60 in the latest trading session, marking a +1.31% move from the prior day. The stock lagged the S&P 500's daily gain of 1.97%. Elsewhere, the Dow gained 1.88%, while the tech-heavy Nasdaq added 0.25%.

Heading into today, shares of the maker of steel and specialty metals had lost 10.41% over the past month, outpacing the Basic Materials sector's loss of 13.23% and lagging the S&P 500's loss of 9.93% in that time.

Wall Street will be looking for positivity from Allegheny Technologies as it approaches its next earnings report date. In that report, analysts expect Allegheny Technologies to post earnings of $0.53 per share. This would mark year-over-year growth of 960%. Our most recent consensus estimate is calling for quarterly revenue of $922.44 million, up 27.11% from the year-ago period.

ATI's full-year Zacks Consensus Estimates are calling for earnings of $2.02 per share and revenue of $3.65 billion. These results would represent year-over-year changes of +1453.85% and +30.24%, respectively.

Investors might also notice recent changes to analyst estimates for Allegheny Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.

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. Within the past 30 days, our consensus EPS projection remained stagnant. Allegheny Technologies is currently a Zacks Rank #1 (Strong Buy).

In terms of valuation, Allegheny Technologies is currently trading at a Forward P/E ratio of 13.98. This represents a premium compared to its industry's average Forward P/E of 12.02.

The Steel - Speciality industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 1, which puts it in the top 1% 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.

To follow ATI in the coming trading sessions, be sure to utilize Zacks.com.

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