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Are Basic Materials Stocks Lagging Carpenter Technology (CRS) This Year?

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For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Carpenter Technology (CRS - Free Report) been one of those stocks this year? 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.

Carpenter Technology is one of 239 individual stocks in the Basic Materials sector. Collectively, these companies sit at #16 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

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. Carpenter Technology is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for CRS' full-year earnings has moved 10.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, CRS has returned 81.4% so far this year. Meanwhile, stocks in the Basic Materials group have gained about 6% on average. This means that Carpenter Technology is outperforming the sector as a whole this year.

Denison Mine (DNN - Free Report) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 43.5%.

The consensus estimate for Denison Mine's current year EPS has increased 33.3% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Breaking things down more, Carpenter Technology is a member of the Steel - Speciality industry, which includes 4 individual companies and currently sits at #32 in the Zacks Industry Rank. On average, stocks in this group have gained 53.7% this year, meaning that CRS is performing better in terms of year-to-date returns.

Denison Mine, however, belongs to the Mining - Miscellaneous industry. Currently, this 52-stock industry is ranked #147. The industry has moved +0.4% so far this year.

Investors with an interest in Basic Materials stocks should continue to track Carpenter Technology and Denison Mine. These stocks will be looking to continue their solid performance.

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