For those looking to find strong Aerospace stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Teledyne Technologies (TDY) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Teledyne Technologies is a member of our Aerospace group, which includes 34 different companies and currently sits at #13 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 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. TDY is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for TDY's full-year earnings has moved 3.17% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, TDY has gained about 8.95% so far this year. Meanwhile, the Aerospace sector has returned an average of 6.22% on a year-to-date basis. This means that Teledyne Technologies is performing better than its sector in terms of year-to-date returns.
To break things down more, TDY belongs to the Aerospace - Defense Equipment industry, a group that includes 19 individual companies and currently sits at #201 in the Zacks Industry Rank. Stocks in this group have gained about 7.28% so far this year, so TDY is performing better this group in terms of year-to-date returns.
Investors with an interest in Aerospace stocks should continue to track TDY. The stock will be looking to continue its solid performance.
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