Ryerson Holding (RYI) Stock Dips While Market Gains: Key Facts
The latest trading session saw Ryerson Holding (RYI) ending at $27.65, denoting a -0.32% adjustment from its last day's close. This change lagged the S&P 500's 1.06% gain on the day. Elsewhere, the Dow gained 0.93%, while the tech-heavy Nasdaq added 1.2%.
Shares of the metal products distributor and processor have depreciated by 5.74% over the course of the past month, underperforming the Basic Materials sector's loss of 4.64% and the S&P 500's loss of 3%.
Market participants will be closely following the financial results of Ryerson Holding in its upcoming release. The company plans to announce its earnings on October 30, 2023. In that report, analysts expect Ryerson Holding to post earnings of $0.40 per share. This would mark a year-over-year decline of 72.97%. Our most recent consensus estimate is calling for quarterly revenue of $1.26 billion, down 18.31% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.30 per share and a revenue of $5.11 billion, indicating changes of -68.69% and -19.22%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Ryerson Holding. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Ryerson Holding presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Ryerson Holding currently has a Forward P/E ratio of 8.41. Its industry sports an average Forward P/E of 8.07, so one might conclude that Ryerson Holding is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 179, this industry ranks in the bottom 29% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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
Ryerson Holding Corporation (RYI) : Free Stock Analysis Report
