Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Agnico Eagle Mines (AEM) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Agnico Eagle Mines is a member of the Basic Materials sector. This group includes 235 individual stocks and currently holds a Zacks Sector Rank of #12. 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 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. Agnico Eagle Mines is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for AEM's full-year earnings has moved 11.4% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, AEM has moved about 57.1% on a year-to-date basis. Meanwhile, the Basic Materials sector has returned an average of 7.2% on a year-to-date basis. As we can see, Agnico Eagle Mines is performing better than its sector in the calendar year.
Another Basic Materials stock, which has outperformed the sector so far this year, is Dundee Precious Metals Inc. (DPMLF). The stock has returned 64% year-to-date.
In Dundee Precious Metals Inc.'s case, the consensus EPS estimate for the current year increased 0.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Agnico Eagle Mines is a member of the Mining - Gold industry, which includes 38 individual companies and currently sits at #17 in the Zacks Industry Rank. On average, this group has gained an average of 37.2% so far this year, meaning that AEM is performing better in terms of year-to-date returns. Dundee Precious Metals Inc. is also part of the same industry.
Investors with an interest in Basic Materials stocks should continue to track Agnico Eagle Mines and Dundee Precious Metals Inc. These stocks will be looking to continue their solid performance.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report
Dundee Precious Metals Inc. (DPMLF) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
