The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is ABB (ABBNY) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Industrial Products peers, we might be able to answer that question.
ABB is a member of our Industrial Products group, which includes 181 different companies and currently sits at #8 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. ABB is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for ABBNY's full-year earnings has moved 24.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, ABBNY has gained about 36.5% so far this year. Meanwhile, stocks in the Industrial Products group have gained about 16.1% on average. This shows that ABB is outperforming its peers so far this year.
CECO Environmental (CECO) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 24.1%.
Over the past three months, CECO Environmental's consensus EPS estimate for the current year has increased 12.8%. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, ABB belongs to the Manufacturing - Electronics industry, a group that includes 14 individual companies and currently sits at #163 in the Zacks Industry Rank. On average, stocks in this group have gained 23.4% this year, meaning that ABBNY is performing better in terms of year-to-date returns.
On the other hand, CECO Environmental belongs to the Pollution Control industry. This 5-stock industry is currently ranked #178. The industry has moved +1% year to date.
Investors interested in the Industrial Products sector may want to keep a close eye on ABB and CECO Environmental as they attempt to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).