Yahoo Finance Is Newmont (NEM) Stock Outpacing Its Basic Materials Peers This Year?
Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Newmont Corporation (NEM) one of those stocks right now? 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 Corporation is one of 240 companies in the Basic Materials group. The Basic Materials group currently sits at #3 within 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 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. Newmont Corporation 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 8.1% 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 0.1% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of -1% on a year-to-date basis. This means that Newmont Corporation is outperforming the sector as a whole this year.
Another Basic Materials stock, which has outperformed the sector so far this year, is Sylvamo Corporation (SLVM). The stock has returned 34.7% year-to-date.
Over the past three months, Sylvamo Corporation's consensus EPS estimate for the current year has increased 39.8%. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Newmont Corporation is a member of the Mining - Miscellaneous industry, which includes 60 individual companies and currently sits at #159 in the Zacks Industry Rank. This group has lost an average of 7.3% so far this year, so NEM is performing better in this area.
In contrast, Sylvamo Corporation falls under the Paper and Related Products industry. Currently, this industry has 12 stocks and is ranked #13. Since the beginning of the year, the industry has moved +8%.
Investors interested in the Basic Materials sector may want to keep a close eye on Newmont Corporation and Sylvamo Corporation as they attempt to continue their solid performance.
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Newmont Corporation (NEM) : Free Stock Analysis Report
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