Investors interested in Industrial Products stocks should always be looking to find the best-performing companies in the group. Has Gates Industrial (GTES) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Gates Industrial is a member of the Industrial Products sector. This group includes 188 individual stocks and currently holds a Zacks Sector Rank of #5. 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. Gates Industrial is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for GTES' full-year earnings has moved 1.3% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, GTES has moved about 21.2% on a year-to-date basis. Meanwhile, the Industrial Products sector has returned an average of 16.9% on a year-to-date basis. This means that Gates Industrial is outperforming the sector as a whole this year.
TriMas (TRS) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 17%.
In TriMas' case, the consensus EPS estimate for the current year increased 5.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Gates Industrial is a member of the Manufacturing - General Industrial industry, which includes 42 individual companies and currently sits at #75 in the Zacks Industry Rank. On average, stocks in this group have gained 5.6% this year, meaning that GTES is performing better in terms of year-to-date returns.
In contrast, TriMas falls under the Metal Products - Procurement and Fabrication industry. Currently, this industry has 6 stocks and is ranked #204. Since the beginning of the year, the industry has moved +0.4%.
Gates Industrial and TriMas could continue their solid performance, so investors interested in Industrial Products stocks should continue to pay close attention to these stocks.
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Gates Industrial Corporation PLC (GTES): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).