Investors focused on the Basic Materials space have likely heard of Silver Standard Resources (SSRM - Free Report) , 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.
Silver Standard Resources is one of 239 individual stocks in the Basic Materials sector. Collectively, these companies sit at #5 in 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 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. SSRM is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for SSRM's full-year earnings has moved 43.23% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that SSRM has returned about 15.78% since the start of the calendar year. At the same time, Basic Materials stocks have lost an average of 12.68%. This means that Silver Standard Resources is outperforming the sector as a whole this year.
Looking more specifically, SSRM belongs to the Mining - Miscellaneous industry, a group that includes 46 individual stocks and currently sits at #20 in the Zacks Industry Rank. On average, this group has lost an average of 5.76% so far this year, meaning that SSRM is performing better in terms of year-to-date returns.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to SSRM as it looks to continue its solid performance.