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One such stock that you may want to consider dropping is Raven Industries Inc. RAVN, which has witnessed a significant price decline in the past four weeks, and it has seen negative earnings estimate revisions for the current quarter and the current year. A Zacks Rank #5 (Strong Sell) further confirms weakness in RAVN.
A key reason for this move has been the negative trend in earnings estimate revisions. For the full year, we have seen 1 estimate moving down in the past 30 days, with no upward revision. This trend has caused the consensus estimate to trend lower, going from $1.41 a share a month ago to its current level of $1.21.
Also, for the current quarter, Raven has seen 1 downward estimate, with no revision in the upside, dragging the consensus estimate down to 34 cents a share from 43 cents over the past 30 days.
The stock also has seen some pretty dismal trading lately, as the share price has dropped 10% in the past month.
So it may not be a good decision to keep this stock in your portfolio anymore, at least if you don't have a long time horizon to wait.
If you are still interested in the Conglomerates sector, you may instead consider some better-ranked stocks including Federal Signal Corp. FSS, Noble Group Limited (NOBGY) and Sumitomo Corporation (SSUMY). All these of these carry a Zacks Rank #1 (Strong Buy) and may be better selections at this time.
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 >>
FED SIGNAL CP FSS: Free Stock Analysis Report
NOBLE GROUP LTD (NOBGY): Get Free Report
RAVEN INDS INC RAVN: Free Stock Analysis Report
SUMITOMO CORP (SSUMY): Get Free Report
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