Is Agnico Eagle Mines (AEM) Stock Outpacing Its Basic Materials Peers This Year?
Investors focused on the Basic Materials space have likely heard of Agnico Eagle Mines (AEM), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Agnico Eagle Mines is a member of our Basic Materials group, which includes 237 different companies and currently sits at #4 in 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 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. AEM is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for AEM's full-year earnings has moved 9.68% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that AEM has returned about 30.85% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 3.03%. As we can see, Agnico Eagle Mines is performing better than its sector in the calendar year.
Looking more specifically, AEM belongs to the Mining - Gold industry, a group that includes 33 individual stocks and currently sits at #162 in the Zacks Industry Rank. Stocks in this group have gained about 37.10% so far this year, so AEM is slightly underperforming its industry this group in terms of year-to-date returns.
Investors in the Basic Materials sector will want to keep a close eye on AEM as it attempts to continue its solid performance.
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