Is Atkore (ATKR) Stock Outpacing Its Industrial Products Peers This Year?
Investors interested in Industrial Products stocks should always be looking to find the best-performing companies in the group. Is Atkore Inc. (ATKR) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Industrial Products peers, we might be able to answer that question.
Atkore Inc. is a member of our Industrial Products group, which includes 223 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Atkore Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ATKR's full-year earnings has moved 8% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, ATKR has gained about 35.8% so far this year. Meanwhile, the Industrial Products sector has returned an average of 11.8% on a year-to-date basis. This means that Atkore Inc. is outperforming the sector as a whole this year.
Another Industrial Products stock, which has outperformed the sector so far this year, is Hubbell (HUBB). The stock has returned 38.9% year-to-date.
Over the past three months, Hubbell's consensus EPS estimate for the current year has increased 10.9%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Atkore Inc. belongs to the Wire and Cable Products industry, a group that includes 3 individual companies and currently sits at #51 in the Zacks Industry Rank. This group has gained an average of 21.8% so far this year, so ATKR is performing better in this area.
Hubbell, however, belongs to the Manufacturing - Electrical Utilities industry. Currently, this 1-stock industry is ranked #5. 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 Atkore Inc. and Hubbell as they could maintain their solid performance.
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