Is ArcelorMittal (MT) Outperforming Other Basic Materials Stocks This Year?
For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is ArcelorMittal (MT) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
ArcelorMittal is a member of the Basic Materials sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #3. 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. MT is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for MT's full-year earnings has moved 140.84% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, MT has moved about 17.64% on a year-to-date basis. At the same time, Basic Materials stocks have gained an average of 11.50%. This means that ArcelorMittal is performing better than its sector in terms of year-to-date returns.
Looking more specifically, MT belongs to the Steel - Producers industry, a group that includes 24 individual stocks and currently sits at #23 in the Zacks Industry Rank. On average, stocks in this group have gained 20.14% this year, meaning that MT is slightly underperforming its industry in terms of year-to-date returns.
MT 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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