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Is GoldMining (GLDG) Stock Outpacing Its Basic Materials Peers This Year?

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has GoldMining Inc. (GLDG) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

GoldMining Inc. is a member of the Basic Materials sector. This group includes 242 individual stocks and currently holds a Zacks Sector Rank of #16. 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 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. GoldMining Inc. is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for GLDG's full-year earnings has moved 10% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the latest available data, GLDG has gained about 0.8% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 1.3% on average. This means that GoldMining Inc. is performing better than its sector in terms of year-to-date returns.

Another stock in the Basic Materials sector, Steel Dynamics (STLD), has outperformed the sector so far this year. The stock's year-to-date return is 67.5%.

In Steel Dynamics' case, the consensus EPS estimate for the current year increased 2.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, GoldMining Inc. belongs to the Mining - Gold industry, which includes 40 individual stocks and currently sits at #163 in the Zacks Industry Rank. On average, this group has lost an average of 0.6% so far this year, meaning that GLDG is performing better in terms of year-to-date returns.

In contrast, Steel Dynamics falls under the Steel - Producers industry. Currently, this industry has 24 stocks and is ranked #216. Since the beginning of the year, the industry has moved +4.2%.

Investors with an interest in Basic Materials stocks should continue to track GoldMining Inc. and Steel Dynamics. These stocks will be looking to continue their solid performance.

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Steel Dynamics, Inc. (STLD) : Free Stock Analysis Report

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Zacks Investment Research