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Are Basic Materials Stocks Lagging Nucor (NUE) This Year?
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The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Nucor (NUE - Free Report) 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.
Nucor is a member of our Basic Materials group, which includes 239 different companies and currently sits at #3 in 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 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. Nucor is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for NUE's full-year earnings has moved 5.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, NUE has gained about 4% so far this year. In comparison, Basic Materials companies have returned an average of -3.2%. As we can see, Nucor is performing better than its sector in the calendar year.
Another Basic Materials stock, which has outperformed the sector so far this year, is Piedmont Lithium Inc. (PLL - Free Report) . The stock has returned 10% year-to-date.
Over the past three months, Piedmont Lithium Inc.'s consensus EPS estimate for the current year has increased 15.2%. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Nucor is a member of the Steel - Producers industry, which includes 22 individual companies and currently sits at #11 in the Zacks Industry Rank. On average, stocks in this group have gained 2.8% this year, meaning that NUE is performing better in terms of year-to-date returns.
In contrast, Piedmont Lithium Inc. falls under the Mining - Miscellaneous industry. Currently, this industry has 49 stocks and is ranked #66. Since the beginning of the year, the industry has moved +3.1%.
Nucor and Piedmont Lithium Inc. 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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Are Basic Materials Stocks Lagging Nucor (NUE) This Year?
The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Nucor (NUE - Free Report) 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.
Nucor is a member of our Basic Materials group, which includes 239 different companies and currently sits at #3 in 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 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. Nucor is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for NUE's full-year earnings has moved 5.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, NUE has gained about 4% so far this year. In comparison, Basic Materials companies have returned an average of -3.2%. As we can see, Nucor is performing better than its sector in the calendar year.
Another Basic Materials stock, which has outperformed the sector so far this year, is Piedmont Lithium Inc. (PLL - Free Report) . The stock has returned 10% year-to-date.
Over the past three months, Piedmont Lithium Inc.'s consensus EPS estimate for the current year has increased 15.2%. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Nucor is a member of the Steel - Producers industry, which includes 22 individual companies and currently sits at #11 in the Zacks Industry Rank. On average, stocks in this group have gained 2.8% this year, meaning that NUE is performing better in terms of year-to-date returns.
In contrast, Piedmont Lithium Inc. falls under the Mining - Miscellaneous industry. Currently, this industry has 49 stocks and is ranked #66. Since the beginning of the year, the industry has moved +3.1%.
Nucor and Piedmont Lithium Inc. could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.