Investors focused on the Computer and Technology space have likely heard of Applied Materials (AMAT), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
Applied Materials is one of 630 companies in the Computer and Technology group. The Computer and Technology group currently sits at #2 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 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. AMAT is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for AMAT's full-year earnings has moved 6.69% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, AMAT has returned 9.52% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 9.51% on average. This means that Applied Materials is outperforming the sector as a whole this year.
To break things down more, AMAT belongs to the Semiconductor Equipment - Wafer Fabrication industry, a group that includes 4 individual companies and currently sits at #6 in the Zacks Industry Rank. On average, stocks in this group have gained 9.27% this year, meaning that AMAT is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track AMAT. The stock will be looking to continue its solid performance.