The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Steelcase (SCS - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Steelcase is one of 192 companies in the Business Services group. The Business Services group currently sits at #8 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 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. SCS is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for SCS's full-year earnings has moved 4.19% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that SCS has returned about 9.24% since the start of the calendar year. In comparison, Business Services companies have returned an average of 2.91%. This shows that Steelcase is outperforming its peers so far this year.
Looking more specifically, SCS belongs to the Business - Office Products industry, a group that includes 5 individual stocks and currently sits at #30 in the Zacks Industry Rank. This group has gained an average of 9.13% so far this year, so SCS is performing better in this area.
Investors with an interest in Business Services stocks should continue to track SCS. The stock will be looking to continue its solid performance.