Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Agnico Eagle Mines (AEM - 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? One simple way to answer this question is to take a look at the year-to-date performance of AEM and the rest of the Basic Materials group's stocks.
Agnico Eagle Mines is a member of our Basic Materials group, which includes 247 different companies and currently sits at #12 in 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 proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. AEM is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for AEM's full-year earnings has moved 56.54% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that AEM has returned about 42.82% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of 11.01% on a year-to-date basis. This shows that Agnico Eagle Mines is outperforming its peers so far this year.
To break things down more, AEM belongs to the Mining - Gold industry, a group that includes 32 individual companies and currently sits at #8 in the Zacks Industry Rank. On average, stocks in this group have gained 43.86% this year, meaning that AEM 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 AEM as it attempts to continue its solid performance.