Are Basic Materials Stocks Lagging Agnico Eagle Mines (AEM) This Year?
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? 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.
Agnico Eagle Mines is a member of the Basic Materials sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #4. 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Agnico Eagle Mines is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for AEM's full-year earnings has moved 36.9% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, AEM has gained about 20.8% so far this year. In comparison, Basic Materials companies have returned an average of -1.8%. This shows that Agnico Eagle Mines is outperforming its peers so far this year.
Cabot (CBT) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 21%.
For Cabot, the consensus EPS estimate for the current year has increased 2.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Agnico Eagle Mines belongs to the Mining - Gold industry, which includes 39 individual stocks and currently sits at #36 in the Zacks Industry Rank. On average, this group has gained an average of 11.2% so far this year, meaning that AEM is performing better in terms of year-to-date returns.
In contrast, Cabot falls under the Chemical - Diversified industry. Currently, this industry has 29 stocks and is ranked #83. Since the beginning of the year, the industry has moved +0.3%.
Agnico Eagle Mines and Cabot could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.
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