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Is Steel Dynamics (STLD) Outperforming Other Basic Materials Stocks This Year?

Zacks Equity Research
Updated
Comtech Telecommunications (CMTL) closed the most recent trading day at $26.47, moving +1.26% from the previous trading session.

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Steel Dynamics (STLD) 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.

Steel Dynamics is one of 240 individual stocks in the Basic Materials sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. STLD is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for STLD's full-year earnings has moved 22.21% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

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According to our latest data, STLD has moved about 9.60% on a year-to-date basis. At the same time, Basic Materials stocks have lost an average of 3.85%. This means that Steel Dynamics is outperforming the sector as a whole this year.

Looking more specifically, STLD belongs to the Steel - Producers industry, a group that includes 25 individual stocks and currently sits at #39 in the Zacks Industry Rank. Stocks in this group have lost about 1.56% so far this year, so STLD is performing better this group in terms of year-to-date returns.

Going forward, investors interested in Basic Materials stocks should continue to pay close attention to STLD as it looks to continue its solid performance.


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