The latest trading session saw Allegheny Technologies (ATI) ending at $52.27, denoting a -0.13% adjustment from its last day's close. This change was narrower than the S&P 500's daily loss of 0.22%. Meanwhile, the Dow experienced a drop of 0.03%, and the technology-dominated Nasdaq saw a decrease of 0.33%.

Coming into today, shares of the maker of steel and specialty metals had lost 14.78% in the past month. In that same time, the Basic Materials sector lost 0.38%, while the S&P 500 lost 7.48%.

The investment community will be paying close attention to the earnings performance of Allegheny Technologies in its upcoming release. The company's earnings per share (EPS) are projected to be $0.58, reflecting a 20.83% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.06 billion, showing a 1.51% escalation compared to the year-ago quarter.

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. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Allegheny Technologies is currently a Zacks Rank #3 (Hold).

Looking at its valuation, Allegheny Technologies is holding a Forward P/E ratio of 18.11. This valuation marks a premium compared to its industry's average Forward P/E of 13.63.

It's also important to note that ATI currently trades at a PEG ratio of 0.77. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Steel - Speciality stocks are, on average, holding a PEG ratio of 0.84 based on yesterday's closing prices.

The Steel - Speciality industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 86, positioning it in the top 35% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.

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This article originally published on Zacks Investment Research (zacks.com).

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