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Is McEwen Mining (MUX) Stock Outpacing Its Basic Materials Peers 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. McEwen (MUX - Free Report) 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? 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.
McEwen is a member of the Basic Materials sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #4. 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 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. McEwen is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for MUX's full-year earnings has moved 67.7% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, MUX has gained about 51% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 2.7% on average. As we can see, McEwen is performing better than its sector in the calendar year.
Another stock in the Basic Materials sector, New Found Gold Corp. (NFGC - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 3.7%.
For New Found Gold Corp. the consensus EPS estimate for the current year has increased 3.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, McEwen belongs to the Mining - Miscellaneous industry, a group that includes 60 individual stocks and currently sits at #151 in the Zacks Industry Rank. On average, this group has lost an average of 8.1% so far this year, meaning that MUX is performing better in terms of year-to-date returns.
On the other hand, New Found Gold Corp. belongs to the Mining - Gold industry. This 39-stock industry is currently ranked #65. The industry has moved +9.5% year to date.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to McEwen and New Found Gold Corp. as they could maintain their solid performance.
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Is McEwen Mining (MUX) Stock Outpacing Its Basic Materials Peers This Year?
For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. McEwen (MUX - Free Report) 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? 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.
McEwen is a member of the Basic Materials sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #4. 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 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. McEwen is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for MUX's full-year earnings has moved 67.7% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, MUX has gained about 51% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 2.7% on average. As we can see, McEwen is performing better than its sector in the calendar year.
Another stock in the Basic Materials sector, New Found Gold Corp. (NFGC - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 3.7%.
For New Found Gold Corp. the consensus EPS estimate for the current year has increased 3.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, McEwen belongs to the Mining - Miscellaneous industry, a group that includes 60 individual stocks and currently sits at #151 in the Zacks Industry Rank. On average, this group has lost an average of 8.1% so far this year, meaning that MUX is performing better in terms of year-to-date returns.
On the other hand, New Found Gold Corp. belongs to the Mining - Gold industry. This 39-stock industry is currently ranked #65. The industry has moved +9.5% year to date.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to McEwen and New Found Gold Corp. as they could maintain their solid performance.