The most recent trading session ended with Allegheny Technologies (ATI) standing at $50, reflecting a -1.88% shift from the previouse trading day's closing. This move lagged the S&P 500's daily loss of 0.91%. Meanwhile, the Dow lost 1.5%, and the Nasdaq, a tech-heavy index, lost 1.96%.

Shares of the maker of steel and specialty metals witnessed a loss of 16.16% over the previous month, trailing the performance of the Basic Materials sector with its loss of 3.32% and the S&P 500's loss of 7.38%.

Market participants will be closely following the financial results of Allegheny Technologies in its upcoming release. It is anticipated that the company will report an EPS of $0.58, marking a 20.83% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.06 billion, indicating a 1.51% increase compared to the same quarter of the previous year.

ATI's full-year Zacks Consensus Estimates are calling for earnings of $2.89 per share and revenue of $4.57 billion. These results would represent year-over-year changes of +17.48% and +4.68%, respectively.

It is also important to note the recent changes to analyst estimates for Allegheny Technologies. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Allegheny Technologies is carrying a Zacks Rank of #3 (Hold).

Investors should also note Allegheny Technologies's current valuation metrics, including its Forward P/E ratio of 17.63. This represents a premium compared to its industry's average Forward P/E of 13.01.

Investors should also note that ATI has a PEG ratio of 0.75 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Steel - Speciality industry held an average PEG ratio of 0.8.

The Steel - Speciality industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 86, finds itself in the top 35% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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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This article originally published on Zacks Investment Research (zacks.com).

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