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For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Avnet (AVT) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Avnet is one of 620 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #9 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 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. AVT is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AVT's full-year earnings has moved 2.81% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, AVT has moved about 26.37% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 14.74%. This shows that Avnet is outperforming its peers so far this year.
Breaking things down more, AVT is a member of the Electronics - Parts Distribution industry, which includes 3 individual companies and currently sits at #21 in the Zacks Industry Rank. On average, this group has gained an average of 21.44% so far this year, meaning that AVT is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to AVT as it looks to continue its solid performance.
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