Investors focused on the Basic Materials space have likely heard of Allegheny Technologies (ATI - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of ATI and the rest of the Basic Materials group's stocks.
Allegheny Technologies is a member of the Basic Materials sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #3. 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. ATI is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ATI's full-year earnings has moved 6.43% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, ATI has gained about 4.23% so far this year. In comparison, Basic Materials companies have returned an average of -3.95%. This means that Allegheny Technologies is performing better than its sector in terms of year-to-date returns.
To break things down more, ATI belongs to the Steel - Speciality industry, a group that includes 4 individual companies and currently sits at #203 in the Zacks Industry Rank. On average, stocks in this group have gained 5.37% this year, meaning that ATI is slightly underperforming its industry in terms of year-to-date returns.
Investors in the Basic Materials sector will want to keep a close eye on ATI as it attempts to continue its solid performance.