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Has FreeportMcMoRan (FCX) Outpaced Other Basic Materials Stocks This Year?

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Investors focused on the Basic Materials space have likely heard of FreeportMcMoRan (FCX - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? 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.

FreeportMcMoRan is one of 245 individual stocks in the Basic Materials sector. Collectively, these companies sit at #6 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 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. FCX is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for FCX's full-year earnings has moved 27.09% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that FCX has returned about 40.24% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 18.13%. As we can see, FreeportMcMoRan is performing better than its sector in the calendar year.

Looking more specifically, FCX belongs to the Mining - Non Ferrous industry, which includes 9 individual stocks and currently sits at #44 in the Zacks Industry Rank. Stocks in this group have gained about 13.91% so far this year, so FCX is performing better this group in terms of year-to-date returns.

Investors in the Basic Materials sector will want to keep a close eye on FCX as it attempts to continue its solid performance.


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