For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Micron Technology (MU - 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 Computer and Technology sector should help us answer this question.
Micron Technology is one of 631 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 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 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. MU is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for MU's full-year earnings has moved 11.55% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, MU has moved about 42.85% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 7.67% on a year-to-date basis. As we can see, Micron Technology is performing better than its sector in the calendar year.
Breaking things down more, MU is a member of the Semiconductor Memory industry, which includes 1 individual companies and currently sits at #1 in the Zacks Industry Rank. On average, stocks in this group have gained 42.85% this year, meaning that MU is performing on par in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MU as it looks to continue its solid performance.