Are Basic Materials Stocks Lagging Carpenter Technology (CRS) This Year?
The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Carpenter Technology (CRS) 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? Let's take a closer look at the stock's year-to-date performance to find out.
Carpenter Technology is a member of the Basic Materials sector. This group includes 231 individual stocks and currently holds a Zacks Sector Rank of #16. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Carpenter Technology is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CRS' full-year earnings has moved 8% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CRS has returned 74.6% so far this year. At the same time, Basic Materials stocks have gained an average of 0.6%. As we can see, Carpenter Technology is performing better than its sector in the calendar year.
Another stock in the Basic Materials sector, Denison Mine (DNN), has outperformed the sector so far this year. The stock's year-to-date return is 37.4%.
Over the past three months, Denison Mine's consensus EPS estimate for the current year has increased 33.3%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Carpenter Technology belongs to the Steel - Speciality industry, a group that includes 4 individual stocks and currently sits at #62 in the Zacks Industry Rank. On average, stocks in this group have gained 42.9% this year, meaning that CRS is performing better in terms of year-to-date returns.
Denison Mine, however, belongs to the Mining - Miscellaneous industry. Currently, this 54-stock industry is ranked #162. The industry has moved +0.4% so far this year.
Investors with an interest in Basic Materials stocks should continue to track Carpenter Technology and Denison Mine. These stocks will be looking to continue their solid performance.
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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
Denison Mine Corp (DNN) : Free Stock Analysis Report
