Has Harmony Gold Mining Company (HMY) Outpaced Other Basic Materials Stocks This Year?
Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Harmony Gold Mining Company (HMY) one of those stocks right now? 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.
Harmony Gold Mining Company is a member of our Basic Materials group, which includes 236 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. HMY is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for HMY's full-year earnings has moved 101.15% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that HMY has returned about 58.68% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 0.61%. This means that Harmony Gold Mining Company is outperforming the sector as a whole this year.
Looking more specifically, HMY belongs to the Mining - Gold industry, a group that includes 31 individual stocks and currently sits at #57 in the Zacks Industry Rank. On average, this group has gained an average of 45.59% so far this year, meaning that HMY is performing better in terms of year-to-date returns.
HMY will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.