In the latest trading session, Allegheny Technologies (ATI) closed at $55.45, marking a -1.23% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 1.11% for the day. Elsewhere, the Dow saw a downswing of 0.77%, while the tech-heavy Nasdaq depreciated by 1.49%.

Heading into today, shares of the maker of steel and specialty metals had lost 6.62% over the past month, outpacing the Basic Materials sector's loss of 8.24% and lagging the S&P 500's gain of 0.4% in that time.

Analysts and investors alike will be keeping a close eye on the performance of Allegheny Technologies in its upcoming earnings disclosure. On that day, Allegheny Technologies is projected to report earnings of $0.59 per share, which would represent a year-over-year decline of 7.81%. At the same time, our most recent consensus estimate is projecting a revenue of $1.09 billion, reflecting a 1.98% rise from the equivalent quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.27 per share and a revenue of $4.27 billion, signifying shifts of -11.33% and +2.41%, respectively, from the last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Allegheny Technologies. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Allegheny Technologies is carrying a Zacks Rank of #4 (Sell).

Looking at its valuation, Allegheny Technologies is holding a Forward P/E ratio of 24.7. Its industry sports an average Forward P/E of 22.36, so one might conclude that Allegheny Technologies is trading at a premium comparatively.

We can additionally observe that ATI currently boasts a PEG ratio of 1.94. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Steel - Speciality stocks are, on average, holding a PEG ratio of 1.49 based on yesterday's closing prices.

The Steel - Speciality industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 79, which puts it in the top 32% 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.

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

ATI Inc. (ATI) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research