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 Fortuna Mining (FSM) 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.
Fortuna Mining is one of 241 individual stocks in the Basic Materials sector. Collectively, these companies sit at #11 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 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. Fortuna Mining is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for FSM's full-year earnings has moved 3.4% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, FSM has moved about 128% on a year-to-date basis. In comparison, Basic Materials companies have returned an average of 28.6%. As we can see, Fortuna Mining is performing better than its sector in the calendar year.
Another Basic Materials stock, which has outperformed the sector so far this year, is Aris Mining Corporation (ARMN). The stock has returned 348.9% year-to-date.
For Aris Mining Corporation, the consensus EPS estimate for the current year has increased 30.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Fortuna Mining belongs to the Mining - Miscellaneous industry, which includes 69 individual stocks and currently sits at #95 in the Zacks Industry Rank. On average, stocks in this group have gained 33.4% this year, meaning that FSM is performing better in terms of year-to-date returns.
Aris Mining Corporation, however, belongs to the Mining - Gold industry. Currently, this 41-stock industry is ranked #30. The industry has moved +144.9% so far this year.
Investors interested in the Basic Materials sector may want to keep a close eye on Fortuna Mining and Aris Mining Corporation as they attempt to continue their solid performance.
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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.
