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? Let's take a closer look at the stock's year-to-date performance to find out.
Agnico Eagle Mines is one of 239 individual stocks in the Basic Materials sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. AEM is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for AEM's full-year earnings has moved 32.31% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, AEM has gained about 1.04% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 8.72% on average. 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 30 individual companies and currently sits at #86 in the Zacks Industry Rank. Stocks in this group have gained about 26.51% so far this year, so AEM is slightly underperforming its industry this group in terms of year-to-date returns.
AEM will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.