Are Industrial Products Stocks Lagging Atkore (ATKR) 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. Is Atkore Inc. (ATKR) one of those stocks right now? 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.
Atkore Inc. is one of 219 individual stocks in the Industrial Products sector. Collectively, these companies sit at #1 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Atkore Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for ATKR's full-year earnings has moved 11% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, ATKR has returned 19.8% so far this year. In comparison, Industrial Products companies have returned an average of 0.7%. This shows that Atkore Inc. is outperforming its peers so far this year.
Allegion (ALLE) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 0.7%.
For Allegion, the consensus EPS estimate for the current year has increased 3.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Atkore Inc. is a member of the Wire and Cable Products industry, which includes 3 individual companies and currently sits at #3 in the Zacks Industry Rank. This group has gained an average of 18.6% so far this year, so ATKR is performing better in this area.
Allegion, however, belongs to the Security and Safety Services industry. Currently, this 23-stock industry is ranked #62. The industry has moved -2.3% so far this year.
Atkore Inc. and Allegion could continue their solid performance, so investors interested in Industrial Products stocks should continue to pay close attention to these stocks.
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