Is Deere (DE) Stock Outpacing Its Industrial Products Peers This Year?
Investors focused on the Industrial Products space have likely heard of Deere (DE), 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 Industrial Products peers, we might be able to answer that question.
Deere is a member of our Industrial Products group, which includes 211 different companies and currently sits at #11 in 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. DE is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for DE's full-year earnings has moved 22.05% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, DE has gained about 26.42% so far this year. At the same time, Industrial Products stocks have lost an average of 0.46%. As we can see, Deere is performing better than its sector in the calendar year.
Looking more specifically, DE belongs to the Manufacturing - Farm Equipment industry, a group that includes 7 individual stocks and currently sits at #16 in the Zacks Industry Rank. On average, stocks in this group have gained 23.01% this year, meaning that DE is performing better in terms of year-to-date returns.
Investors in the Industrial Products sector will want to keep a close eye on DE as it attempts to continue its solid performance.
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