Are Industrial Products Stocks Lagging Assa Abloy (ASAZY) This Year?
For those looking to find strong Industrial Products stocks, it is prudent to search for companies in the group that are outperforming their peers. Assa Abloy AB (ASAZY) 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.
Assa Abloy AB is a member of the Industrial Products sector. This group includes 216 individual stocks and currently holds a Zacks Sector Rank of #12. 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. Assa Abloy AB is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ASAZY's full-year earnings has moved 7.7% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, ASAZY has moved about 29.1% on a year-to-date basis. Meanwhile, the Industrial Products sector has returned an average of 14.2% on a year-to-date basis. As we can see, Assa Abloy AB is performing better than its sector in the calendar year.
Another stock in the Industrial Products sector, Columbus McKinnon (CMCO), has outperformed the sector so far this year. The stock's year-to-date return is 18.6%.
In Columbus McKinnon's case, the consensus EPS estimate for the current year increased 4.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Assa Abloy AB belongs to the Security and Safety Services industry, a group that includes 19 individual companies and currently sits at #25 in the Zacks Industry Rank. On average, this group has gained an average of 0.6% so far this year, meaning that ASAZY is performing better in terms of year-to-date returns.
On the other hand, Columbus McKinnon belongs to the Manufacturing - Material Handling industry. This 2-stock industry is currently ranked #14. The industry has moved +55.1% year to date.
Going forward, investors interested in Industrial Products stocks should continue to pay close attention to Assa Abloy AB and Columbus McKinnon as they could maintain their solid performance.
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