Is Axon Enterprise (AXON) Stock Outpacing Its Industrial Products Peers This Year?
The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Axon Enterprise (AXON) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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.
Axon Enterprise is a member of our Industrial Products group, which includes 215 different companies and currently sits at #6 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. Axon Enterprise is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for AXON's full-year earnings has moved 23.7% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, AXON has moved about 23.3% on a year-to-date basis. In comparison, Industrial Products companies have returned an average of -1.4%. As we can see, Axon Enterprise is performing better than its sector in the calendar year.
Another stock in the Industrial Products sector, Cintas (CTAS), has outperformed the sector so far this year. The stock's year-to-date return is 10.4%.
For Cintas, the consensus EPS estimate for the current year has increased 1.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Axon Enterprise belongs to the Security and Safety Services industry, a group that includes 19 individual companies and currently sits at #46 in the Zacks Industry Rank. Stocks in this group have lost about 13.5% so far this year, so AXON is performing better this group in terms of year-to-date returns.
Cintas, however, belongs to the Uniform and Related industry. Currently, this 2-stock industry is ranked #92. The industry has moved +9.3% so far this year.
Investors with an interest in Industrial Products stocks should continue to track Axon Enterprise and Cintas. These stocks will be looking to continue their solid performance.
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Axon Enterprise, Inc (AXON) : Free Stock Analysis Report
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