Ryerson Holding (RYI) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Ryerson Holding (RYI) closed at $42.82, marking a -1.59% move from the previous day. This move lagged the S&P 500's daily gain of 0.24%. Meanwhile, the Dow gained 0.31%, and the Nasdaq, a tech-heavy index, lost 7.84%.
Coming into today, shares of the metal products distributor and processor had gained 10.6% in the past month. In that same time, the Basic Materials sector gained 2.68%, while the S&P 500 gained 3.39%.
Wall Street will be looking for positivity from Ryerson Holding as it approaches its next earnings report date. This is expected to be July 31, 2023. On that day, Ryerson Holding is projected to report earnings of $1.30 per share, which would represent a year-over-year decline of 75.52%. Meanwhile, our latest consensus estimate is calling for revenue of $1.38 billion, down 20.9% from the prior-year quarter.
RYI's full-year Zacks Consensus Estimates are calling for earnings of $3.70 per share and revenue of $5.14 billion. These results would represent year-over-year changes of -64.9% and -18.73%, respectively.
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 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Ryerson Holding is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Ryerson Holding's current valuation metrics, including its Forward P/E ratio of 11.76. This represents a premium compared to its industry's average Forward P/E of 9.34.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 60, putting it in the top 24% 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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Ryerson Holding Corporation (RYI) : Free Stock Analysis Report
