Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Carpenter Technology (CRS) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Carpenter Technology is one of 232 individual stocks in the Basic Materials sector. Collectively, these companies sit at #8 in 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. 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 6.5% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CRS has returned 35.8% so far this year. Meanwhile, the Basic Materials sector has returned an average of 5.5% on a year-to-date basis. As we can see, Carpenter Technology is performing better than its sector in the calendar year.
One other Basic Materials stock that has outperformed the sector so far this year is Aris Mining Corporation (ARMN). The stock is up 63.7% year-to-date.
The consensus estimate for Aris Mining Corporation's current year EPS has increased 7.6% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Carpenter Technology belongs to the Steel - Speciality industry, which includes 5 individual stocks and currently sits at #172 in the Zacks Industry Rank. On average, this group has gained an average of 29.9% so far this year, meaning that CRS is performing better in terms of year-to-date returns.
Aris Mining Corporation, however, belongs to the Mining - Gold industry. Currently, this 39-stock industry is ranked #35. The industry has moved +36.3% so far this year.
Carpenter Technology and Aris Mining Corporation could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
