Investors focused on the Basic Materials space have likely heard of Harmony Gold Mining Company (HMY - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Harmony Gold Mining Company is one of 236 companies in the Basic Materials group. The Basic Materials group currently sits at #5 within 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. HMY is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for HMY's full-year earnings has moved 71.57% 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, HMY has gained about 58.68% so far this year. Meanwhile, the Basic Materials sector has returned an average of 1.49% on a year-to-date basis. This means that Harmony Gold Mining Company is performing better than its sector in terms of year-to-date returns.
To break things down more, HMY belongs to the Mining - Gold industry, a group that includes 32 individual companies and currently sits at #54 in the Zacks Industry Rank. This group has gained an average of 44.38% so far this year, so HMY is performing better in this area.
HMY will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.