Investors focused on the Basic Materials space have likely heard of Arconic (ARNC), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
Arconic is one of 247 companies in the Basic Materials group. The Basic Materials group currently sits at #14 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. ARNC is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ARNC's full-year earnings has moved 13.65% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that ARNC has returned about 60.68% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of 10.24% on a year-to-date basis. As we can see, Arconic is performing better than its sector in the calendar year.
Looking more specifically, ARNC belongs to the Mining - Non Ferrous industry, a group that includes 11 individual stocks and currently sits at #219 in the Zacks Industry Rank. Stocks in this group have gained about 21.32% so far this year, so ARNC is performing better this group in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track ARNC. The stock will be looking to continue its solid performance.
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