Ryerson Holding (RYI) Gains As Market Dips: What You Should Know
Ryerson Holding (RYI) closed at $43.40 in the latest trading session, marking a +1.35% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.68%. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, lost 3.19%.
Coming into today, shares of the metal products distributor and processor had gained 4.87% in the past month. In that same time, the Basic Materials sector gained 2.18%, while the S&P 500 gained 3.58%.
Investors will be hoping for strength from Ryerson Holding as it approaches its next earnings release, which is expected to be July 31, 2023. The company is expected to report EPS of $1.33, down 74.95% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.30 per share and revenue of $5.11 billion, which would represent changes of -59.2% and -19.14%, respectively, from the prior year.
Any recent changes to analyst estimates for Ryerson Holding should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 16.22% higher. Ryerson Holding is currently a Zacks Rank #1 (Strong Buy).
Looking at its valuation, Ryerson Holding is holding a Forward P/E ratio of 9.96. For comparison, its industry has an average Forward P/E of 9.11, which means Ryerson Holding is trading at a premium to the group.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 44, which puts it in the top 18% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Ryerson Holding Corporation (RYI) : Free Stock Analysis Report
