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. Is Garmin (GRMN - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Garmin is one of 659 companies in the Computer and Technology group. The Computer and Technology group currently sits at #6 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. GRMN is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for GRMN's full-year earnings has moved 5.20% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, GRMN has gained about 10.58% so far this year. At the same time, Computer and Technology stocks have lost an average of 1.54%. This shows that Garmin is outperforming its peers so far this year.
Looking more specifically, GRMN belongs to the Electronics - Miscellaneous Products industry, which includes 20 individual stocks and currently sits at #161 in the Zacks Industry Rank. This group has lost an average of 6.28% so far this year, so GRMN is performing better in this area.
Investors with an interest in Computer and Technology stocks should continue to track GRMN. The stock will be looking to continue its solid performance.