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Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Cerence CRNC: This company which provides A.I. powered assistants and innovations for connected and autonomous vehicles, has seen the Zacks Consensus Estimate for its current year earnings increasing 15.0% over the last 60 day.
Cerence Inc. Price and Consensus
Cerence Inc. price-consensus-chart | Cerence Inc. Quote
Ubiquiti UI: This company which offers a comprehensive portfolio of networking products and solutions for service providers and enterprises, has seen the Zacks Consensus Estimate for its current year earnings increasing 11% over the last 60 days.
Ubiquiti Inc. Price and Consensus
Ubiquiti Inc. price-consensus-chart | Ubiquiti Inc. Quote
LSI Industries LYTS: This image solutions company which combines integrated design, manufacturing, & technology to supply its own high quality lighting fixtures and graphics elements for applications in the retail, specialty niche, & commercial markets, has seen the Zacks Consensus Estimate for its current year earnings increasing 10.0% over the last 60 days.
LSI Industries Inc. Price and Consensus
LSI Industries Inc. price-consensus-chart | LSI Industries Inc. Quote
MI Homes MHO: This company which is one of nation's leading builders of single-family homes, has seen the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.
M/I Homes, Inc. Price and Consensus
M/I Homes, Inc. price-consensus-chart | M/I Homes, Inc. Quote
FIRST MID BNCSH FMBH: This company which provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance principally in Illinois, Missouri, and Texas, has seen the Zacks Consensus Estimate for its current year earnings increasing 7.4% over the last 60 days.
First Mid Bancshares, Inc. Price and Consensus
First Mid Bancshares, Inc. price-consensus-chart | First Mid Bancshares, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Cerence’s CRNC shares have plunged 87.5% year to date against the broader Zacks Computer & Technology sector’s return of 19.4% and the Zacks IT Services industry’s rise of 7.7%.
The underperformance was due to slowing momentum in the automotive industry along with stiff competition in the automotive Generative AI (GenAI) market, which affected CRNC’s top-line growth.
However, Cerence is well-positioned to benefit from advancements in GenAI, a growing clientele and a strong partner network.
Its collaboration with Skoda, a well-known Volkswagen VWAGY brand, is noteworthy as the deal aims to enhance the driving experience by integrating Cerence Chat Pro with Skoda’s in-car voice assistant, Laura.
Skoda drivers and passengers can interact conversationally with their in-car assistant powered by Cerence Chat Pro. This integration offers accurate responses to queries and simplifies navigation, enabling drivers to quickly and safely access essential features.
Cerence Inc. Price and Consensus
Cerence Inc. price-consensus-chart | Cerence Inc. Quote
This latest move aligns with Cerence’s commitment to advancing automotive GenAI technology.
However, do these GenAI-related efforts make CRNC stock attractive to investors? Let’s analyze.
Robust Partner Base Aids Cerence’s Prospects
CRNC recently partnered with smart, the premium all-electric brand, to implement its GenAI solutions. Cerence Car Knowledge allows drivers to explore features via voice commands, while Cerence Chat Pro enables engaging conversations with smart’s in-car assistant, providing accurate responses to queries.
The company recently unveiled a collaboration with Audi, part of the Volkswagen Group. Per the deal, Audi will leverage GenAI from Cerence to expand the capabilities of its in-car assistant in MIB 3-equipped models, starting with model year 2021 through back-end activation.
The company is expanding its footprint in the automotive industry with the deployment of Cerence Chat Pro across Volkswagen Group’s European car lineup. This marks a significant milestone as Volkswagen integrates Cerence Chat Pro into its in-car voice assistant, Intelligent Digital Assistant (IDA).
CRNC’s innovative product portfolio helped expand its clientele beyond Volkswagen to include BMW Group, NVIDIA NVDA and Microsoft MSFT, further strengthening its presence in the automotive industry.
CRNC announced BMW Group's integration of Cerence Audio AI, including Emergency Vehicle Detection, into the BMW Personal Pilot L3 system, enhancing safety by detecting approaching emergency vehicles.
In March, it launched the Cerence Automotive Large Language Model (CaLLM), powered by NVIDIA, to transform in-car computing and enhance user experiences with generative AI.
The collaboration with Microsoft integrates OpenAI’s ChatGPT model into vehicles through Microsoft Azure, enhancing in-car user experiences by merging Cerence’s automotive technology with Microsoft’s cloud capabilities.
What Investors Should Do with CRNC Stock?
CRNC’s shares have been suffering from intense competition across the automotive voice assistance domain.
However, Cerence is well poised to gain from efforts to enhance GenAI capabilities along with a growing partner base and an expanding clientele.
The Zacks Consensus Estimate for 2024 revenues is currently pegged at $324.83 million, indicating 10.31% year-over-year growth. Earnings for the full year are pegged at 92 cents, suggesting an improvement from 32 cents reported in 2023.
CRNC stock is also cheap, as suggested by the Value Score of A.
Cerence currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
Viavi Solutions Inc. VIAV recently launched a new optical connector inspection solution designed specifically for its next-generation transceivers. Dubbed FVAM-2000, this latest addition to its benchtop microscopy line, along with other optical and Ethernet testing solutions, will be showcased at Europe's largest exhibition in the optical communication technology sector, ECOC 2024, in Germany later this month.
The FVAM-2000 will likely cater to the growing demand for advanced inspection test methods for parallel optic connectors, particularly multi-fiber push-on connectors and other new bulkhead connectors designed into 800G formats such as the octal small form factor pluggable and quad small form factor pluggable.
The cutting-edge solution features a user-friendly connector interface that promises to enhance operational efficiency by ensuring seamless integration into existing manufacturing workflows. Additionally, it will leverage Viavi's next-generation panoptic microscope engine to deliver brighter images with higher contrast and improved panning speed.
At the exhibition, Viavi will also demonstrate its recently announced ONE-1600, a 1.6Tb/s Ethernet test module to meet the testing and validation requirements of the emerging 1.6Tb/s ecosystem. This comprehensive testing system, part of its state-of-the-art ONE LabPro platform, is expected to support advancements in AI, machine learning, quantum computing and high-performance computing applications. Moreover, the ONT-800 Optical Network Testing platform will be featured, showcasing its ZR and ZR+ capable ONT 800G Flex XPM Module.
Will the Innovative Solutions Drive VIAV’s Stock Performance?
Viavi’s strategy of expansion in various markets such as wireless & fiber, 3D sensing products, optical transport, Ethernet, broadband access, video test and storage network testing is likely to bring long-term benefits. By participating in this exhibition, Viavi aims to showcase its ongoing investment and improvement in industry-standard platforms.
In addition to the above-mentioned solutions, the company will also demonstrate INX 760, the industry’s first fully automated probe microscope, for efficient inspection of fiber connectors. Viavi customers, including Coherent and InnoLight, will likely utilize the ONT in their respective displays to demonstrate the performance of their latest technologies.
This move underscores Viavi’s continued dedication toward boosting its offerings, which, in turn, will likely generate incremental demands for its testing solutions, leading to higher revenues. Improving financial performance is likely to propel the stock upward.
VIAV’s Stock Price Performance
Shares of Viavi have lost 13.4% over the past year against the industry’s growth of 70.6%.
VIAV’s Zacks Rank and Key Picks
Viavi currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader industry have been discussed below.
Ubiquiti Inc. UI carries a Zacks Rank #2 (Buy) at present. The company offers a comprehensive suite of networking products and solutions for service providers and enterprises. Its highly flexible global business model remains apt to adapt to the changing market dynamics to overcome challenges while maximizing growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved UI’s visibility for future demand and inventory management techniques. In the last reported quarter, Ubiquiti delivered an earnings surprise of 4.19%.
Workday Inc. WDAY carries a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 7.36%. WDAY is a leading provider of enterprise-level software solutions for financial management and human resource domains.
Airgain, Inc. AIRG currently carries a Zacks Rank #2. It has a long-term earnings growth expectation of 35%.
Based in San Diego, CA, Airgain provides antenna products as integrated wireless solutions. These devices are designed to address vital connectivity requirements during product development and throughout the entire lifecycle of other industries, such as automotive and consumer, in addition to various sectors within an enterprise.
Zacks Investment Research
Workday Inc. WDAY recently inked a definitive agreement to acquire the leading AI-based Document Intelligence Platform Evisort for an undisclosed amount. The transaction is expected to be completed by October 2024, subject to customary closing conditions.
Enterprises across industries are generating a vast pool of data, which includes contracts, invoices and policy documents from daily operations. However, a significant portion of this information is unstructured, making it really difficult to categorize them for further analysis. Organizing this large volume of data manually is complex, time-consuming and prone to human errors. Evisort’s AI native documents intelligence technology allows businesses to process this information and generate actionable insights.
With this buyout, WDAY is aiming to integrate Evisort’s AI native solution across its finance and human resource solution suite. This will enhance information accessibility and speed up the process of data extraction, enabling WDAY clients to transfer accurate financial or operational details to the Workday platform directly in a matter of seconds. Evisort tech can also help employees gain a better understanding of the contracts, simplify document creation and keep stakeholders updated about necessary developments. These features will empower enterprises to better evaluate terms and conditions in business documents, leading to improved decision-making.
The solution can bring impressive benefits across a wide range of applications. For instance, supporting supplier contract negotiations, contract risk management activities, compliance issues, and various accounting tasks such as revenue contracts, supplier invoices and asset agreements. Leveraging the capabilities, organizations can unlock the full potential of data, enhance operational efficiency and drive overall business growth.
Will This Acquisition Boost WDAY’s Share Performance?
Organizations are increasingly looking for a solution that can help manage the exponential growth of data that is overwhelming the processing capabilities. The growing proliferation of IoT, online transactions and social media are further propelling the issue. By incorporating Evisort AI native document intelligence technology, WDAY is set to capitalize on this evolving market trend.
Earlier this year, the company completed the acquisition of AI-powered talent orchestration solutions provider HiredScore. WDAY’s acquisitions and product innovation strategies reflect a broader policy of making AI a core element of its product offerings. This strong focus on AI prowess will enhance its market differentiation, increase upselling and cross-selling opportunities and solidify Workday’s position in the finance and human resource management market.
WDAY’s Stock Price Movement
The stock has gained 2.1% in the past year compared with the industry's growth of 33%.
Zacks Rank & Other Stocks to Consider
Workday carries a Zacks Rank #2 (Buy) at present.
Arista Networks, Inc. ANET sports a Zacks Rank #1 (Strong Buy) at present. In the last reported quarter, it delivered an earnings surprise of 8.25%. You can see the complete list of today’s Zacks #1 Rank stocks here.
It is engaged in providing cloud networking solutions for data centers and cloud computing environments. The company offers 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for next-generation data center networks.
Ubiquiti Inc. UI carries a Zacks Rank #2 at present. The company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its visibility for future demand and inventory management techniques.
Zillow Group, Inc. ZG, carrying a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 25.81%.
It delivered an earnings surprise of 37.41%, on average, in the trailing four quarters. The company is witnessing solid momentum in rental revenues, driven by growth in both multi and single-family listings.
Zacks Investment Research
EchoStar Corporation’s SATS subsidiary, Hughes Network Systems, recently took digital signage to the next level with the launch of the HS600 Media Player. The initiative is aimed at aiding businesses to streamline their content delivery to any HDMI-enabled screen.
The state-of-the-art device is engineered to provide businesses with a seamless digital signage experience, offering the ability to integrate live television and other high-quality video content into existing display setups without requiring expensive equipment upgrades. The HS600 integrates with the Hughes MediaSignage platform, a cloud-based content management system. It offers a range of templates, making it easy to create professional and visually engaging displays. With this platform, businesses can effectively manage a broad spectrum of content, from promotional videos to company information, or live programming.
The cutting-edge features of HS600 find their usage in sectors like retail, manufacturing, hospitality and other deskless settings where engaging customers and employees remain the primary focus. The HS600 allows retailers to display promotions, feature products and inform customers about in-store deals and services in real-time. In a hospitality environment, restaurants and bars can use the media player to promote menu items while streaming live sports and entertainment. The seamless fusion of entertainment and information is instrumental in keeping guests engaged and boosting sales simultaneously.
Hughes is making significant strides in the digital signage industry with the newly launched media player. Its seamless integration with existing screens, paired with Hughes’ cloud-based content management system, allows businesses to deliver relevant, real-time information and entertainment that drives engagement and improves communication, with a greater return on investment.
Hughes’ Innovative Offerings Are Gaining Momentum
Hughes remains at the forefront of innovation, continuously investing in its differentiated product portfolio. In July 2024, it introduced a small business package from Hughes Managed Cybersecurity that safeguards the interests of its employees and customers. The acclaimed solution can provide cyber protection, content filtering, higher network availability, flexible Wi-Fi connectivity and real-time threat intelligence.
In May 2024, Hughes unveiled Low Earth Orbit Electronically Steerable Antenna for In-Flight Entertainment & Connectivity. The premium technology provides uninterrupted, superfast and enterprise-grade connectivity for global commercial aviation.
Unique product launch strategies to capture a major chunk of the highly competitive satellites and communication market are boosting SATS’ stock trajectory.
EchoStar is a global provider of satellite service operations, video delivery services, broadband satellite technologies and broadband Internet services for home and small office customers.
SATS’ Potential Subscriber Losses Affect the Top Line
Net subscriber losses in Pay-TV, Retail Wireless and Broadband and satellite services are weighing on the top-line performance. In the last reported quarter, SATS revenues fell 9% year over year to $3.96 billion. The top line also missed the consensus mark by 0.6%. Soft revenues generated from pay-TV, Retail Wireless and Broadband and satellite services businesses amid growth in the 5G Network Deployment further dampened its results.
SATS’ Zacks Rank & Stock Price Performance
At present, EchoStar has a Zacks Rank #5 (Strong Sell). SATS’ shares are up 4.2% in the pre-market trading on Sept. 18. Shares of the company have gained 41.3% against the sub-industry’s decline of 14.5% in the past year.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Harmonic Inc. HLIT, Arista Networks, Inc. ANET and Ubiquiti Inc. UI. HLIT sports a Zacks Rank #1 (Strong Buy), whereas ANET and UI carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here
Harmonic enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally. HLIT delivered a trailing four-quarter average earnings surprise of 32.5%.
Arista Networks supplies products to a prestigious set of customers, including Fortune 500 global companies in markets like cloud titans, enterprises, financials and specialty cloud service providers. It delivered a trailing four-quarter average earnings surprise of 15.02%. In the last reported quarter, ANET delivered an earnings surprise of 8.25%.
Ubiquiti company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its visibility for future demand and inventory management techniques.
Zacks Investment Research
Installed Building Products, Inc.’s IBP subsidiary company, Advanced Fiber Technology (“AFT”), has increased its production capacity with the opening of the second line of its manufacturing plant in Bucyrus, OH.
This $5.5 million capacity expansion project comprises a $4.75 million investment in leading-edge technology, robotics and automation for the wastepaper conversion industry.
Post the announcement, IBP stock rallied 5.3% during the trading hours and 0.4% in the after-hours on Tuesday.
IBP’s Benefits From the Strategic Move
Backed by safe and efficient technology, the new manufacturing line expansion will enable AFT to produce high-performance and reliable Carbon-Smart Loose-Fill Cellulose Insulation and support Bucyrus’ economic growth. Furthermore, this move will also help enhance AFT’s ability to meet the growing commercial and residential customers’ demand for its products by strengthening its operations and ensuring sustainability.
Carbon-Smart Loose-Fill Cellulose Insulation is AFT’s environmentally-friendly product made from more than 85% recycled content, primarily recycled newsprint and cardboard.
Installed Building’s president and CEO, Jeff Edwards, shared optimistic views regarding this capacity expansion project. Through the expansion in Bucyrus, IBP’s ability to meet rising demand for its high-quality insulation products will be enhanced and the commitment to offer innovative solutions across the nation will be reinforced.
IBP’s Capital Allocation Strategies
Installed Building focuses on strategic capital allocation initiatives, which drive its profitability and growth prospects. The company allocates its capital per the available market and product enhancement opportunities while maintaining shareholder value. The effective capital mix ensures functional efficiencies and drives growth momentum even in an uncertain market.
The primary aspects of IBP’s capital allocation include inorganic growth initiatives and returns to shareholders, with fair attention toward organic growth strategies. The company’s capital allocation strategy has been faring well for the past few quarters due to the increased same-branch sales in both its single-family and multi-family residential new construction end markets, accompanied by revenue contributions from its recent acquisitions.
During the second quarter of 2024, the company acquired three companies, including North Carolina-based Trade Partners, Inc., Oklahoma-based Thrice Energy Solutions, LLC and Illinois-based residential and commercial installer of building products collectively known as Euroview. IBP also announced a 6% hike in its quarterly cash dividend of $0.35 per share, payable on Sep. 30, 2024, to shareholders on record as of Sep. 15.
Shares of IBP have gained 30.3% in the year-to-date period, outperforming the Zacks Building Products - Miscellaneous industry’s 17.5% growth. Owing to the improving market trends, Installed Building aims to continue focusing on profitability and effective capital allocation to drive earnings growth and value for its shareholders.
IBP’s Zacks Rank & Key Picks
Installed Building currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
Comfort Systems USA, Inc. FIX currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FIX delivered a trailing four-quarter earnings surprise of 20.6%, on average. The stock has surged 95.8% in the past year. The Zacks Consensus Estimate for FIX’s 2024 sales and earnings per share (EPS) indicates growth of 29.4% and 57.8%, respectively, from the prior-year levels.
Frontdoor, Inc. FTDR presently sports a Zacks Rank of 1. FTDR delivered a trailing four-quarter earnings surprise of 279%, on average. The stock has gained 57.2% in the past year.
The Zacks Consensus Estimate for FTDR’s 2024 sales and EPS indicates an increase of 3% and 21.3%, respectively, from a year ago.
M/I Homes, Inc. MHO currently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 4.8%, on average. Shares of MHO have risen 86.7% in the past year.
The consensus estimate for MHO’s 2024 sales and EPS implies an increase of 9.6% and 21.9%, respectively, from the prior-year levels.
Zacks Investment Research
Have you been paying attention to shares of First Mid Bancshares (FMBH)? Shares have been on the move with the stock up 5% over the past month. The stock hit a new 52-week high of $40.63 in the previous session. First Mid Bancshares has gained 14.4% since the start of the year compared to the 16.6% move for the Zacks Finance sector and the 2.4% return for the Zacks Banks - Northeast industry.
What's Driving the Outperformance?
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 1, 2024, First Mid Bancshares reported EPS of $0.84 versus consensus estimate of $0.79 while it beat the consensus revenue estimate by 1.2%.
For the current fiscal year, First Mid Bancshares is expected to post earnings of $3.47 per share on $318.55 million in revenues. This represents a -0.86% change in EPS on a 13.67% change in revenues. For the next fiscal year, the company is expected to earn $3.53 per share on $329 million in revenues. This represents a year-over-year change of 1.61% and 3.28%, respectively.
Valuation Metrics
First Mid Bancshares may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
First Mid Bancshares has a Value Score of B. The stock's Growth and Momentum Scores are D and A, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 11.4X current fiscal year EPS estimates, which is not in-line with the peer industry average of 11.8X. On a trailing cash flow basis, the stock currently trades at 10.4X versus its peer group's average of 9.9X. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, First Mid Bancshares currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if First Mid Bancshares passes the test. Thus, it seems as though First Mid Bancshares shares could still be poised for more gains ahead.
How Does FMBH Stack Up to the Competition?
Shares of FMBH have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is LCNB Corporation (LCNB). LCNB has a Zacks Rank of # 2 (Buy) and a Value Score of B, a Growth Score of C, and a Momentum Score of B.
Earnings were strong last quarter. LCNB Corporation beat our consensus estimate by 61.11%, and for the current fiscal year, LCNB is expected to post earnings of $1 per share on revenue of $79.1 million.
Shares of LCNB Corporation have gained 8.3% over the past month, and currently trade at a forward P/E of 15.81X and a P/CF of 8.45X.
The Banks - Northeast industry is in the top 12% of all the industries we have in our universe, so it looks like there are some nice tailwinds for FMBH and LCNB, even beyond their own solid fundamental situation.
Zacks Investment Research
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