Is Carpenter Technology (CRS) Stock Outpacing Its Basic Materials Peers This Year?
For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Carpenter Technology (CRS) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
Carpenter Technology is one of 238 companies in the Basic Materials group. The Basic Materials group currently sits at #6 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. Carpenter Technology is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for CRS' full-year earnings has moved 19.2% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, CRS has moved about 72.7% on a year-to-date basis. In comparison, Basic Materials companies have returned an average of -0.2%. This shows that Carpenter Technology is outperforming its peers so far this year.
Another stock in the Basic Materials sector, Iamgold (IAG), has outperformed the sector so far this year. The stock's year-to-date return is 68%.
Over the past three months, Iamgold's consensus EPS estimate for the current year has increased 288.9%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Carpenter Technology is a member of the Steel - Speciality industry, which includes 6 individual companies and currently sits at #102 in the Zacks Industry Rank. On average, this group has gained an average of 40.8% so far this year, meaning that CRS is performing better in terms of year-to-date returns.
Iamgold, however, belongs to the Mining - Gold industry. Currently, this 37-stock industry is ranked #34. The industry has moved +25.7% so far this year.
Investors with an interest in Basic Materials stocks should continue to track Carpenter Technology and Iamgold. These stocks will be looking to continue their solid performance.
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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
Iamgold Corporation (IAG) : Free Stock Analysis Report