Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Almonty Industries Inc. (ALM) 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? 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.
Almonty Industries Inc. is a member of our Basic Materials group, which includes 254 different companies and currently sits at #1 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. Almonty Industries Inc. is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ALM's full-year earnings has moved 37.8% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that ALM has returned about 68.3% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 19.8%. This means that Almonty Industries Inc. is performing better than its sector in terms of year-to-date returns.
Algoma Steel Group Inc. (ASTL) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 20%.
The consensus estimate for Algoma Steel Group Inc.'s current year EPS has increased 3% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Almonty Industries Inc. belongs to the Mining - Miscellaneous industry, which includes 73 individual stocks and currently sits at #46 in the Zacks Industry Rank. On average, this group has gained an average of 21.3% so far this year, meaning that ALM is performing better in terms of year-to-date returns.
On the other hand, Algoma Steel Group Inc. belongs to the Steel - Producers industry. This 19-stock industry is currently ranked #71. The industry has moved +21.7% year to date.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to Almonty Industries Inc. and Algoma Steel Group Inc. as they could maintain their solid performance.
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Almonty Industries Inc. (ALM): Free Stock Analysis Report Algoma Steel Group Inc. (ASTL): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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