Are Industrial Products Stocks Lagging ESAB Corporation (ESAB) 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 Esab (ESAB) 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.
Esab is a member of the Industrial Products sector. This group includes 226 individual stocks and currently holds a Zacks Sector Rank of #3. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Esab is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ESAB's full-year earnings has moved 0.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, ESAB has returned 14.4% so far this year. Meanwhile, stocks in the Industrial Products group have gained about 6.1% on average. As we can see, Esab is performing better than its sector in the calendar year.
Another Industrial Products stock, which has outperformed the sector so far this year, is H&E Equipment (HEES). The stock has returned 8% year-to-date.
The consensus estimate for H&E Equipment's current year EPS has increased 4.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Esab belongs to the Metal Products - Procurement and Fabrication industry, a group that includes 11 individual companies and currently sits at #61 in the Zacks Industry Rank. On average, this group has gained an average of 3.9% so far this year, meaning that ESAB is performing better in terms of year-to-date returns.
H&E Equipment, however, belongs to the Manufacturing - Construction and Mining industry. Currently, this 7-stock industry is ranked #47. The industry has moved +12.9% so far this year.
Investors interested in the Industrial Products sector may want to keep a close eye on Esab and H&E Equipment as they attempt to continue their solid performance.
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ESAB Corporation (ESAB) : Free Stock Analysis Report
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