Investors interested in Industrial Products stocks should always be looking to find the best-performing companies in the group. Has Alta Equipment (ALTG) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Alta Equipment is a member of the Industrial Products sector. This group includes 187 individual stocks and currently holds a Zacks Sector Rank of #5. 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 model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Alta Equipment is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ALTG's full-year earnings has moved 7.7% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, ALTG has returned 38.5% so far this year. In comparison, Industrial Products companies have returned an average of 17.9%. This means that Alta Equipment is outperforming the sector as a whole this year.
Another stock in the Industrial Products sector, Ardagh Metal Packaging S.A. (AMBP), has outperformed the sector so far this year. The stock's year-to-date return is 27.1%.
For Ardagh Metal Packaging S.A., the consensus EPS estimate for the current year has increased 9.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Alta Equipment belongs to the Manufacturing - General Industrial industry, a group that includes 41 individual companies and currently sits at #51 in the Zacks Industry Rank. Stocks in this group have gained about 8.1% so far this year, so ALTG is performing better this group in terms of year-to-date returns.
In contrast, Ardagh Metal Packaging S.A. falls under the Containers - Metal and Glass industry. Currently, this industry has 4 stocks and is ranked #21. Since the beginning of the year, the industry has moved +21.2%.
Investors interested in the Industrial Products sector may want to keep a close eye on Alta Equipment and Ardagh Metal Packaging S.A. as they attempt to continue their solid performance.
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Alta Equipment Group Inc. (ALTG): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).