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Is Insteel Industries (IIIN) Outperforming Other Industrial Products Stocks This Year?
Investors interested in Industrial Products stocks should always be looking to find the best-performing companies in the group. Has Insteel Industries (IIIN - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Insteel Industries is one of 201 companies in the Industrial Products group. The Industrial Products group currently sits at #10 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 proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Insteel Industries is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for IIIN's full-year earnings has moved 19.8% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, IIIN has moved about 3.2% on a year-to-date basis. Meanwhile, the Industrial Products sector has returned an average of 1.4% on a year-to-date basis. This shows that Insteel Industries is outperforming its peers so far this year.
Another stock in the Industrial Products sector, Life360 (LIF - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 8%.
For Life360, the consensus EPS estimate for the current year has increased 2166.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Insteel Industries belongs to the Wire and Cable Products industry, which includes 3 individual stocks and currently sits at #14 in the Zacks Industry Rank. Stocks in this group have lost about 6.3% so far this year, so IIIN is performing better this group in terms of year-to-date returns.
On the other hand, Life360 belongs to the Security and Safety Services industry. This 18-stock industry is currently ranked #54. The industry has moved +0.9% year to date.
Insteel Industries and Life360 could continue their solid performance, so investors interested in Industrial Products stocks should continue to pay close attention to these stocks.