Are Industrial Products Stocks Lagging Atkore (ATKR) This Year?
The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Atkore Inc. (ATKR) one of those stocks right now? 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.
Atkore Inc. is one of 217 companies in the Industrial Products group. The Industrial Products group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Atkore Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ATKR's full-year earnings has moved 6.1% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that ATKR has returned about 27.2% since the start of the calendar year. At the same time, Industrial Products stocks have gained an average of 5.6%. This shows that Atkore Inc. is outperforming its peers so far this year.
One other Industrial Products stock that has outperformed the sector so far this year is Eaton (ETN). The stock is up 23.9% year-to-date.
For Eaton, the consensus EPS estimate for the current year has increased 2.5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Atkore Inc. belongs to the Wire and Cable Products industry, which includes 3 individual stocks and currently sits at #6 in the Zacks Industry Rank. Stocks in this group have gained about 18.6% so far this year, so ATKR is performing better this group in terms of year-to-date returns.
Eaton, however, belongs to the Manufacturing - Electronics industry. Currently, this 17-stock industry is ranked #21. The industry has moved +8.6% so far this year.
Investors interested in the Industrial Products sector may want to keep a close eye on Atkore Inc. and Eaton as they attempt to continue their solid performance.
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