Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Carpenter Technology (CRS – 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.
Carpenter Technology is a member of our Basic Materials group, which includes 233 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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 7.5% higher within the past quarter. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.
Based on the latest available data, CRS has gained about 141% so far this year. At the same time, Basic Materials stocks have lost an average of 11.6%. This means that Carpenter Technology is performing better than its sector in terms of year-to-date returns.
One other Basic Materials stock that has outperformed the sector so far this year is Fortuna Mining (FSM – Free Report) . The stock is up 11.9% year-to-date.
For Fortuna Mining, the consensus EPS estimate for the current year has increased 1.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Carpenter Technology belongs to the Steel – Speciality industry, a group that includes 5 individual companies and currently sits at #166 in the Zacks Industry Rank. Stocks in this group have gained about 41.8% so far this year, so CRS is performing better this group in terms of year-to-date returns.
In contrast, Fortuna Mining falls under the Mining – Miscellaneous industry. Currently, this industry has 59 stocks and is ranked #149. Since the beginning of the year, the industry has moved -21.8%.
Carpenter Technology and Fortuna Mining 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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