For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Agnico Eagle Mines (AEM - Free Report) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Agnico Eagle Mines is one of 246 companies in the Basic Materials group. The Basic Materials group currently sits at #15 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. AEM is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for AEM's full-year earnings has moved 19.75% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, AEM has moved about 43.79% on a year-to-date basis. Meanwhile, stocks in the Basic Materials group have gained about 10.66% on average. As we can see, Agnico Eagle Mines is performing better than its sector in the calendar year.
Looking more specifically, AEM belongs to the Mining - Gold industry, which includes 35 individual stocks and currently sits at #61 in the Zacks Industry Rank. Stocks in this group have gained about 37.37% so far this year, so AEM is performing better this group in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track AEM. The stock will be looking to continue its solid performance.