Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. FreeportMcMoRan (FCX) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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 one of 236 individual stocks in the Basic Materials sector. Collectively, these companies sit at #3 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 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. FCX is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for FCX’s full-year earnings has moved 140.10% higher within the past quarter. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Based on the latest available data, FCX has gained about 2.90% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 1.82% on average. As we can see, FreeportMcMoRan is performing better than its sector in the calendar year.
Breaking things down more, FCX is a member of the Mining – Non Ferrous industry, which includes 9 individual companies and currently sits at #36 in the Zacks Industry Rank. On average, this group has lost an average of 1.47% so far this year, meaning that FCX is performing better in terms of year-to-date returns.
FCX will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.
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