Is Applied Industrial Technologies (AIT) Stock Outpacing Its Industrial Products Peers This Year?
For those looking to find strong Industrial Products stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Applied Industrial Technologies (AIT) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Industrial Products sector should help us answer this question.
Applied Industrial Technologies is a member of our Industrial Products group, which includes 219 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Applied Industrial Technologies is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for AIT's full-year earnings has moved 3% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, AIT has returned 25.5% so far this year. Meanwhile, the Industrial Products sector has returned an average of -9.8% on a year-to-date basis. This means that Applied Industrial Technologies is outperforming the sector as a whole this year.
Enerpac (EPAC) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 23.3%.
In Enerpac's case, the consensus EPS estimate for the current year increased 9.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Applied Industrial Technologies belongs to the Manufacturing - General Industrial industry, which includes 38 individual stocks and currently sits at #119 in the Zacks Industry Rank. On average, stocks in this group have lost 13.2% this year, meaning that AIT is performing better in terms of year-to-date returns.
Enerpac, however, belongs to the Manufacturing - Tools & Related Products industry. Currently, this 6-stock industry is ranked #224. The industry has moved -40.4% so far this year.
Going forward, investors interested in Industrial Products stocks should continue to pay close attention to Applied Industrial Technologies and Enerpac as they could maintain their solid performance.
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
Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
Enerpac Tool Group Corp. (EPAC) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
