Investors focused on the Basic Materials space have likely heard of Newmont (NEM - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
Newmont is a member of our Basic Materials group, which includes 239 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. NEM is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for NEM's full-year earnings has moved 21.93% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that NEM has returned about 43.80% since the start of the calendar year. At the same time, Basic Materials stocks have lost an average of 17.97%. This shows that Newmont is outperforming its peers so far this year.
Looking more specifically, NEM belongs to the Mining - Miscellaneous industry, which includes 46 individual stocks and currently sits at #22 in the Zacks Industry Rank. On average, stocks in this group have lost 14.81% this year, meaning that NEM is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track NEM. The stock will be looking to continue its solid performance.