Is Carpenter Technology (CRS) Stock Outpacing Its Basic Materials Peers This Year?
The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Carpenter Technology (CRS) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Carpenter Technology is one of 236 individual stocks in the Basic Materials sector. Collectively, these companies sit at #15 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 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. Carpenter Technology is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for CRS' full-year earnings has moved 17.8% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, CRS has returned 118.9% so far this year. At the same time, Basic Materials stocks have lost an average of 2%. This means that Carpenter Technology is performing better than its sector in terms of year-to-date returns.
Another Basic Materials stock, which has outperformed the sector so far this year, is Novozymes A/S (NVZMY). The stock has returned 23.3% year-to-date.
For Novozymes A/S, the consensus EPS estimate for the current year has increased 0.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Carpenter Technology belongs to the Steel - Speciality industry, which includes 6 individual stocks and currently sits at #188 in the Zacks Industry Rank. Stocks in this group have gained about 53.7% so far this year, so CRS is performing better this group in terms of year-to-date returns.
In contrast, Novozymes A/S falls under the Chemical - Specialty industry. Currently, this industry has 33 stocks and is ranked #201. Since the beginning of the year, the industry has moved -16.5%.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to Carpenter Technology and Novozymes A/S as they could maintain their solid performance.
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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
Novozymes A/S (NVZMY) : Free Stock Analysis Report