Singapore markets close in 5 hours 34 minutes
  • Straits Times Index

    3,129.73
    -7.81 (-0.25%)
     
  • Nikkei

    26,830.69
    -40.58 (-0.15%)
     
  • Hang Seng

    22,059.76
    -169.76 (-0.76%)
     
  • FTSE 100

    7,258.32
    +49.51 (+0.69%)
     
  • BTC-USD

    20,654.15
    -498.67 (-2.36%)
     
  • CMC Crypto 200

    448.61
    -13.19 (-2.86%)
     
  • S&P 500

    3,900.11
    -11.63 (-0.30%)
     
  • Dow

    31,438.26
    -62.42 (-0.20%)
     
  • Nasdaq

    11,524.55
    -83.07 (-0.72%)
     
  • Gold

    1,826.50
    +1.70 (+0.09%)
     
  • Crude Oil

    110.88
    +1.31 (+1.20%)
     
  • 10-Yr Bond

    3.1940
    +0.0690 (+2.21%)
     
  • FTSE Bursa Malaysia

    1,435.66
    -2.46 (-0.17%)
     
  • Jakarta Composite Index

    6,965.98
    -50.08 (-0.71%)
     
  • PSE Index

    6,239.15
    +0.33 (+0.01%)
     

Are Basic Materials Stocks Lagging Carpenter Technology (CRS) This Year?

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Carpenter Technology (CRS) one of those stocks right now? 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.

Carpenter Technology is one of 241 companies in the Basic Materials group. The Basic Materials group currently sits at #3 within 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 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. Carpenter Technology is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for CRS' full-year earnings has moved 3.5% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the most recent data, CRS has returned 13.9% so far this year. Meanwhile, the Basic Materials sector has returned an average of -2.3% on a year-to-date basis. This shows that Carpenter Technology is outperforming its peers so far this year.

One other Basic Materials stock that has outperformed the sector so far this year is Chemours (CC). The stock is up 12% year-to-date.

Over the past three months, Chemours' consensus EPS estimate for the current year has increased 20.1%. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, Carpenter Technology belongs to the Steel - Speciality industry, a group that includes 4 individual companies and currently sits at #4 in the Zacks Industry Rank. Stocks in this group have gained about 31.8% so far this year, so CRS is slightly underperforming its industry this group in terms of year-to-date returns.

Chemours, however, belongs to the Chemical - Diversified industry. Currently, this 38-stock industry is ranked #157. The industry has moved -8.4% so far this year.

Investors with an interest in Basic Materials stocks should continue to track Carpenter Technology and Chemours. These stocks will be looking to continue their solid performance.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
 
The Chemours Company (CC) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting