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Investors interested in Agriculture - Operations stocks are likely familiar with Dole (DOLE) and Limoneira (LMNR). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Right now, Dole is sporting a Zacks Rank of #1 (Strong Buy), while Limoneira has a Zacks Rank of #3 (Hold). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that DOLE has an improving earnings outlook. But this is just one piece of the puzzle for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
DOLE currently has a forward P/E ratio of 13.87, while LMNR has a forward P/E of 96.80. We also note that DOLE has a PEG ratio of 2.71. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. LMNR currently has a PEG ratio of 6.45.
Another notable valuation metric for DOLE is its P/B ratio of 1.08. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, LMNR has a P/B of 2.46.
These are just a few of the metrics contributing to DOLE's Value grade of A and LMNR's Value grade of D.
DOLE is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that DOLE is likely the superior value option right now.
Zacks Investment Research
The Consumer Staples group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Dole (DOLE) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Staples sector should help us answer this question.
Dole is a member of our Consumer Staples group, which includes 184 different companies and currently sits at #9 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Dole is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for DOLE's full-year earnings has moved 5.3% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that DOLE has returned about 36.2% since the start of the calendar year. At the same time, Consumer Staples stocks have gained an average of 9.4%. This shows that Dole is outperforming its peers so far this year.
Another Consumer Staples stock, which has outperformed the sector so far this year, is Lifeway Foods (LWAY). The stock has returned 66.4% year-to-date.
For Lifeway Foods, the consensus EPS estimate for the current year has increased 23.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Dole belongs to the Agriculture - Operations industry, a group that includes 14 individual stocks and currently sits at #74 in the Zacks Industry Rank. On average, stocks in this group have lost 8.5% this year, meaning that DOLE is performing better in terms of year-to-date returns.
On the other hand, Lifeway Foods belongs to the Food - Dairy Products industry. This 3-stock industry is currently ranked #30. The industry has moved -2% year to date.
Going forward, investors interested in Consumer Staples stocks should continue to pay close attention to Dole and Lifeway Foods as they could maintain their solid performance.
Zacks Investment Research
For Immediate Release
Chicago, IL – September 10, 2024 – Today, Zacks Investment Ideas feature highlights Dole DOLE and Pilgrim’s Pride PPC.
2 Food Stocks to Buy Amid Heightened Market Volatility
September is living up to its connotation of being the most volatile month for the stock market but Dole and Pilgrim’s Pride are two consumer food stocks that may be able to offer defensive safety in the portfolio.
Both consumer staples companies have landed spots on the Zacks Rank #1 (Strong Buy) list. Even better, in addition to having an “A” Zacks Style Scores grade for Value they have beta ratios under 1.0, suggesting they should be less volatile than the broader market.
Dole is a Leading Fruit Producer
As a leading producer of fresh bananas and pineapples, Dole also has a growing presence among berries, avocados, and organic produce. Although DOLE has soared over +20% year to date, it has a low-risk reading with its beta ratio at 0.84.
To that point, Dole’s offerings are a mainstay among dietary consumption, and its stock still stands out at $15 and 13.2X forward earnings. This is roughly on par with its Zacks Agriculture-Operations Industry average and a nice discount to the S&P 500’s 22.8X forward earnings multiple despite topping the impressive performances of the broader indexes in recent years.
Dole’s valuation magnifies its affordable price tag as annual earnings are expected to dip -2% in fiscal 2024 but are projected to rebound and climb 19% in FY25 to $1.44 per share.
Plus, DOLE has a generous 2.01% annual dividend yield and earnings estimate revisions are up over 5% in the last 30 days for FY24 and FY25.
Pilgrim’s Pride is Growing as a Poultry Producer
Producing value-added chicken products, Pilgrim’s has strived to strengthen its prepared foods category with an emphasis on organic products including non-antibiotic produce.
Checking in with a beta ratio of 0.82, Pilgrim’s stock has skyrocketed over +60% YTD but still trades at just 9.4X forward earnings. Trading around $45, PPC still offers a significant discount to the benchmark and the Zacks Food-Meat Products Industry average of 17.6X forward earnings.
More intriguing is that Pilgrim’s stock is also at a discount to its decade-long high of 25.1X forward earnings and the median of 11.1X during this period.
Furthermore, Pilgrim's checks an “A” Zacks Styles Scores grade for Growth as well with EPS now forecasted to increase 183% this year to $4.79 per share versus $1.69 a share in 2023.
While earnings are projected to be virtually flat next year, EPS estimates for FY24 and FY25 have increased over 13% in the last 60 days respectively.
Bottom Line
Seeing as consumer food stocks tend to be defensive investments, now appears to be a good time to buy Dole and Pilgrim's Pride shares considering their increased profitability. Low beta measurements and attractive P/E valuations also attest to this, especially with earnings estimate revisions on the rise.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
Dole appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Dole is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For Dole, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for Dole
This fresh fruit and vegetable company is expected to earn $1.17 per share for the fiscal year ending December 2024, which represents a year-over-year change of -5.7%.
Analysts have been steadily raising their estimates for Dole. Over the past three months, the Zacks Consensus Estimate for the company has increased 1.8%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of Dole to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
Investors interested in Agriculture - Operations stocks are likely familiar with Adecoagro and Limoneira . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Right now, Adecoagro is sporting a Zacks Rank of #1 (Strong Buy), while Limoneira has a Zacks Rank of #3 (Hold). This means that AGRO's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
AGRO currently has a forward P/E ratio of 7.11, while LMNR has a forward P/E of 95.64. We also note that AGRO has a PEG ratio of 1.85. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. LMNR currently has a PEG ratio of 6.38.
Another notable valuation metric for AGRO is its P/B ratio of 0.86. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, LMNR has a P/B of 2.
Based on these metrics and many more, AGRO holds a Value grade of A, while LMNR has a Value grade of D.
AGRO has seen stronger estimate revision activity and sports more attractive valuation metrics than LMNR, so it seems like value investors will conclude that AGRO is the superior option right now.
Zacks Investment Research
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