In the latest trading session, Harmony Gold (HMY - Free Report) closed at $6.03, marking no change from the previous day. This change was narrower than the S&P 500's daily loss of 3.51%. Meanwhile, the Dow lost 2.78%, and the Nasdaq, a tech-heavy index, lost 4.96%.
Prior to today's trading, shares of the gold miner had lost 12.61% over the past month. This has lagged the Basic Materials sector's gain of 4.5% and the S&P 500's gain of 9.58% in that time.
Wall Street will be looking for positivity from HMY as it approaches its next earnings report date.
It is also important to note the recent changes to analyst estimates for HMY. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 71.57% higher. HMY is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, HMY is currently trading at a Forward P/E ratio of 6.89. Its industry sports an average Forward P/E of 25, so we one might conclude that HMY is trading at a discount comparatively.
Investors should also note that HMY has a PEG ratio of 0.19 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Mining - Gold was holding an average PEG ratio of 2.02 at yesterday's closing price.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 65, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow HMY in the coming trading sessions, be sure to utilize Zacks.com.