Why Ryerson Holding (RYI) Dipped More Than Broader Market Today
The most recent trading session ended with Ryerson Holding (RYI) standing at $32.90, reflecting a -1.41% shift from the previouse trading day's closing. This change lagged the S&P 500's 0.34% loss on the day. At the same time, the Dow added 0.03%, and the tech-heavy Nasdaq lost 0.56%.
Shares of the metal products distributor and processor have appreciated by 13.12% over the course of the past month, outperforming the Basic Materials sector's gain of 2.47% and the S&P 500's gain of 2.56%.
Market participants will be closely following the financial results of Ryerson Holding in its upcoming release. The company is predicted to post an EPS of $0.24, indicating a 136.92% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $1.12 billion, indicating a 12.72% downward movement from the same quarter last year.
It is also important to note the recent changes to analyst estimates for Ryerson Holding. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Ryerson Holding possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Ryerson Holding currently has a Forward P/E ratio of 11.71. This signifies a premium in comparison to the average Forward P/E of 9.43 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 62, which puts it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Ryerson Holding Corporation (RYI) : Free Stock Analysis Report
