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Is Agnico Eagle Mines (AEM) Stock Outpacing Its Basic Materials Peers This Year?

Zacks Equity Research

Investors focused on the Basic Materials space have likely heard of Agnico Eagle Mines (AEM), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of AEM and the rest of the Basic Materials group's stocks.

Agnico Eagle Mines is a member of the Basic Materials sector. This group includes 236 individual stocks and currently holds a Zacks Sector Rank of #2. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. AEM is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for AEM's full-year earnings has moved 33.33% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the most recent data, AEM has returned 11.38% so far this year. Meanwhile, the Basic Materials sector has returned an average of 0.57% on a year-to-date basis. This shows that Agnico Eagle Mines is outperforming its peers so far this year.

Looking more specifically, AEM belongs to the Mining - Gold industry, which includes 31 individual stocks and currently sits at #53 in the Zacks Industry Rank. Stocks in this group have gained about 42.26% so far this year, so AEM is slightly underperforming its industry this group in terms of year-to-date returns.

AEM will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.


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Zacks Investment Research