Investors focused on the Basic Materials space have likely heard of FreeportMcMoRan (FCX), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of FCX and the rest of the Basic Materials group’s stocks.
FreeportMcMoRan is a member of our Basic Materials group, which includes 236 different companies and currently sits at #6 in 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. FCX is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for FCX’s full-year earnings has moved 316.33% higher within the past quarter. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Our latest available data shows that FCX has returned about 21.19% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of 0.44% on a year-to-date basis. This shows that FreeportMcMoRan is outperforming its peers so far this year.
Breaking things down more, FCX is a member of the Mining – Non Ferrous industry, which includes 9 individual companies and currently sits at #76 in the Zacks Industry Rank. On average, this group has gained an average of 6.79% so far this year, meaning that FCX is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track FCX. The stock will be looking to continue its solid performance.
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