For those looking to find strong Conglomerates stocks, it is prudent to search for companies in the group that are outperforming their peers. Is ITT (ITT) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Conglomerates sector should help us answer this question.
ITT is a member of our Conglomerates group, which includes 19 different companies and currently sits at #3 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. ITT is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ITT's full-year earnings has moved 7.6% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, ITT has moved about 19.2% on a year-to-date basis. Meanwhile, stocks in the Conglomerates group have gained about 4.9% on average. This shows that ITT is outperforming its peers so far this year.
One other Conglomerates stock that has outperformed the sector so far this year is Marubeni Corp. (MARUY). The stock is up 26.1% year-to-date.
For Marubeni Corp., the consensus EPS estimate for the current year has increased 9.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, ITT belongs to the Diversified Operations industry, a group that includes 19 individual stocks and currently sits at #84 in the Zacks Industry Rank. Stocks in this group have gained about 4.9% so far this year, so ITT is performing better this group in terms of year-to-date returns. Marubeni Corp. is also part of the same industry.
Investors with an interest in Conglomerates stocks should continue to track ITT and Marubeni Corp.. These stocks will be looking 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.
