The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Resideo Technologies (REZI) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Industrial Products peers, we might be able to answer that question.
Resideo Technologies is one of 187 individual stocks in the Industrial Products sector. Collectively, these companies sit at #6 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 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. Resideo Technologies is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for REZI's full-year earnings has moved 18.6% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that REZI has returned about 81.3% since the start of the calendar year. Meanwhile, stocks in the Industrial Products group have gained about 3.9% on average. This means that Resideo Technologies is performing better than its sector in terms of year-to-date returns.
Sandvik AB (SDVKY) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 59.2%.
In Sandvik AB's case, the consensus EPS estimate for the current year increased 4.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Resideo Technologies is a member of the Security and Safety Services industry, which includes 17 individual companies and currently sits at #19 in the Zacks Industry Rank. Stocks in this group have gained about 26.1% so far this year, so REZI is performing better this group in terms of year-to-date returns.
On the other hand, Sandvik AB belongs to the Manufacturing - Tools & Related Products industry. This 7-stock industry is currently ranked #41. The industry has moved +2.3% year to date.
Resideo Technologies and Sandvik AB could continue their solid performance, so investors interested in Industrial Products stocks should continue to pay close attention to these stocks.
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Resideo Technologies, Inc. (REZI): Free Stock Analysis Report Sandvik AB (SDVKY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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