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Is Patrick Industries (PATK) Stock Outpacing Its Construction Peers This Year?
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For those looking to find strong Construction stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Patrick Industries (PATK - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Construction peers, we might be able to answer that question.
Patrick Industries is one of 104 companies in the Construction group. The Construction group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. PATK is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for PATK's full-year earnings has moved 13.21% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, PATK has gained about 28.95% so far this year. Meanwhile, stocks in the Construction group have gained about 16.06% on average. This shows that Patrick Industries is outperforming its peers so far this year.
To break things down more, PATK belongs to the Building Products - Miscellaneous industry, a group that includes 27 individual companies and currently sits at #100 in the Zacks Industry Rank. Stocks in this group have gained about 24.97% so far this year, so PATK is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Construction stocks should continue to pay close attention to PATK as it looks to continue its solid performance.
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Is Patrick Industries (PATK) Stock Outpacing Its Construction Peers This Year?
For those looking to find strong Construction stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Patrick Industries (PATK - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Construction peers, we might be able to answer that question.
Patrick Industries is one of 104 companies in the Construction group. The Construction group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. PATK is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for PATK's full-year earnings has moved 13.21% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, PATK has gained about 28.95% so far this year. Meanwhile, stocks in the Construction group have gained about 16.06% on average. This shows that Patrick Industries is outperforming its peers so far this year.
To break things down more, PATK belongs to the Building Products - Miscellaneous industry, a group that includes 27 individual companies and currently sits at #100 in the Zacks Industry Rank. Stocks in this group have gained about 24.97% so far this year, so PATK is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Construction stocks should continue to pay close attention to PATK as it looks to continue its solid performance.