Has Newmont (NEM) Outpaced Other Basic Materials Stocks This Year?

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Newmont (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 is a member of our Basic Materials group, which includes 237 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. NEM is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for NEM’s full-year earnings has moved 1.40% higher within the past quarter. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

Our latest available data shows that NEM has returned about 43.36% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of 0.65% on a year-to-date basis. This means that Newmont is performing better than its sector in terms of year-to-date returns.

Breaking things down more, NEM is a member of the Mining – Miscellaneous industry, which includes 42 individual companies and currently sits at #43 in the Zacks Industry Rank. On average, this group has gained an average of 8.46% so far this year, meaning that NEM is performing better in terms of year-to-date returns.

Investors with an interest in Basic Materials stocks should continue to track NEM. The stock will be looking to continue its solid performance.

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