Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Agnico Eagle Mines (AEM) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
Agnico Eagle Mines is a member of our Basic Materials group, which includes 241 different companies and currently sits at #9 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 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. Agnico Eagle Mines is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for AEM's full-year earnings has moved 9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, AEM has gained about 118.9% so far this year. Meanwhile, the Basic Materials sector has returned an average of 25.7% on a year-to-date basis. This means that Agnico Eagle Mines 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 First Majestic Silver (AG). The stock is up 151.6% year-to-date.
For First Majestic Silver, the consensus EPS estimate for the current year has increased 170.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Agnico Eagle Mines belongs to the Mining - Gold industry, a group that includes 42 individual companies and currently sits at #39 in the Zacks Industry Rank. This group has gained an average of 123.5% so far this year, so AEM is slightly underperforming its industry in this area.
On the other hand, First Majestic Silver belongs to the Mining - Silver industry. This 9-stock industry is currently ranked #16. The industry has moved +120.3% year to date.
Agnico Eagle Mines and First Majestic Silver 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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Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report First Majestic Silver Corp. (AG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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