Investors focused on the Basic Materials space have likely heard of Agnico Eagle Mines (AEM - 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 AEM and the rest of the Basic Materials group's stocks.
Agnico Eagle Mines is one of 246 individual stocks in the Basic Materials sector. Collectively, these companies sit at #16 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 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. AEM is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for AEM's full-year earnings has moved 27.47% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that AEM has returned about 47.35% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 11.18%. This means that Agnico Eagle Mines is performing better than its sector in terms of year-to-date returns.
To break things down more, AEM belongs to the Mining - Gold industry, a group that includes 35 individual companies and currently sits at #34 in the Zacks Industry Rank. On average, stocks in this group have gained 41.49% this year, meaning that AEM is performing better 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.