Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Silver Standard Resources (SSRM) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Silver Standard Resources is one of 247 companies in the Basic Materials group. The Basic Materials group currently sits at #12 within 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. SSRM is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for SSRM's full-year earnings has moved 61.35% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, SSRM has gained about 21.01% so far this year. Meanwhile, the Basic Materials sector has returned an average of 10.18% on a year-to-date basis. This shows that Silver Standard Resources is outperforming its peers so far this year.
Breaking things down more, SSRM is a member of the Mining - Miscellaneous industry, which includes 42 individual companies and currently sits at #102 in the Zacks Industry Rank. On average, this group has gained an average of 11.77% so far this year, meaning that SSRM is performing better in terms of year-to-date returns.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to SSRM as it looks to continue its solid performance.
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