Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Avient (AVNT) been one of those stocks this year? 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.
Avient is one of 275 companies in the Basic Materials group. The Basic Materials group currently sits at #14 within 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. Avient is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AVNT's full-year earnings has moved 0.9% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, AVNT has moved about 21.4% on a year-to-date basis. Meanwhile, stocks in the Basic Materials group have gained about 14.5% on average. This means that Avient is outperforming the sector as a whole this year.
One other Basic Materials stock that has outperformed the sector so far this year is Materion (MTRN). The stock is up 139% year-to-date.
The consensus estimate for Materion's current year EPS has increased 9.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Avient is a member of the Chemical - Diversified industry, which includes 31 individual companies and currently sits at #105 in the Zacks Industry Rank. On average, this group has gained an average of 17.7% so far this year, meaning that AVNT is performing better in terms of year-to-date returns.
On the other hand, Materion belongs to the Mining - Miscellaneous industry. This 86-stock industry is currently ranked #193. The industry has moved +22.1% year to date.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to Avient and Materion as they could maintain their solid performance.
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