Ryerson Holding (RYI) Suffers a Larger Drop Than the General Market: Key Insights
Ryerson Holding (RYI) closed at $34.62 in the latest trading session, marking a -0.29% move from the prior day. This move lagged the S&P 500's daily loss of 0.1%. Meanwhile, the Dow experienced a rise of 0.33%, and the technology-dominated Nasdaq saw a decrease of 0.3%.
Heading into today, shares of the metal products distributor and processor had gained 7.93% over the past month, outpacing the Basic Materials sector's loss of 3.83% and the S&P 500's gain of 5.78% in that time.
The investment community will be closely monitoring the performance of Ryerson Holding in its forthcoming earnings report. The company is scheduled to release its earnings on February 21, 2024. The company is predicted to post an EPS of $0.24, indicating a 136.92% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $1.12 billion, reflecting a 12.72% fall from the equivalent quarter last year.
It is also important to note the recent changes to analyst estimates for Ryerson Holding. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Right now, Ryerson Holding possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Ryerson Holding is currently exchanging hands at a Forward P/E ratio of 12.18. This denotes a premium relative to the industry's average Forward P/E of 11.13.
The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 172, placing it within the bottom 32% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming 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
