For those looking to find strong Industrial Products stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Astec Industries (ASTE) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Astec Industries is a member of our Industrial Products group, which includes 217 different companies and currently sits at #2 in 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 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. Astec Industries is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ASTE's full-year earnings has moved 31.3% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, ASTE has gained about 8.6% so far this year. At the same time, Industrial Products stocks have gained an average of 4.3%. This shows that Astec Industries is outperforming its peers so far this year.
Another stock in the Industrial Products sector, Atkore Inc. (ATKR), has outperformed the sector so far this year. The stock's year-to-date return is 22.1%.
In Atkore Inc.'s case, the consensus EPS estimate for the current year increased 6.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Astec Industries is a member of the Manufacturing - Construction and Mining industry, which includes 6 individual companies and currently sits at #5 in the Zacks Industry Rank. Stocks in this group have gained about 0.1% so far this year, so ASTE is performing better this group in terms of year-to-date returns.
In contrast, Atkore Inc. falls under the Wire and Cable Products industry. Currently, this industry has 3 stocks and is ranked #7. Since the beginning of the year, the industry has moved +19.8%.
Going forward, investors interested in Industrial Products stocks should continue to pay close attention to Astec Industries and Atkore Inc. as they could maintain their solid performance.
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