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Allegheny Technologies (ATI) Outpaces Stock Market Gains: What You Should Know

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Allegheny Technologies (ATI) closed at $24.25 in the latest trading session, marking a +0.87% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.59%. At the same time, the Dow added 0.15%, and the tech-heavy Nasdaq gained 0.07%.

Heading into today, shares of the maker of steel and specialty metals had gained 5.02% over the past month, outpacing the Basic Materials sector's loss of 9.96% and lagging the S&P 500's gain of 7.25% in that time.

Wall Street will be looking for positivity from Allegheny Technologies as it approaches its next earnings report date. This is expected to be August 4, 2022. In that report, analysts expect Allegheny Technologies to post earnings of $0.36 per share. This would mark year-over-year growth of 400%. Meanwhile, our latest consensus estimate is calling for revenue of $810.54 million, up 31.54% from the prior-year quarter.

ATI's full-year Zacks Consensus Estimates are calling for earnings of $1.52 per share and revenue of $3.36 billion. These results would represent year-over-year changes of +1069.23% and +20.05%, respectively.

Investors should also note any recent changes to analyst estimates for Allegheny Technologies. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

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. The Zacks Consensus EPS estimate has moved 4.97% higher within the past month. Allegheny Technologies is currently sporting a Zacks Rank of #1 (Strong Buy).

Investors should also note Allegheny Technologies's current valuation metrics, including its Forward P/E ratio of 15.8. Its industry sports an average Forward P/E of 14.03, so we one might conclude that Allegheny Technologies is trading at a premium comparatively.

The Steel - Speciality industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 24, which puts it in the top 10% 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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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