The Auto-Tires-Trucks group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Hyliion Holdings Corp. (HYLN) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Auto-Tires-Trucks sector should help us answer this question.
Hyliion Holdings Corp. is a member of the Auto-Tires-Trucks sector. This group includes 104 individual stocks and currently holds a Zacks Sector Rank of #11. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Hyliion Holdings Corp. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for HYLN's full-year earnings has moved 6.1% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that HYLN has returned about 117.9% since the start of the calendar year. In comparison, Auto-Tires-Trucks companies have returned an average of -15.9%. This means that Hyliion Holdings Corp. is performing better than its sector in terms of year-to-date returns.
Another stock in the Auto-Tires-Trucks sector, Magna (MGA), has outperformed the sector so far this year. The stock's year-to-date return is 21.1%.
The consensus estimate for Magna's current year EPS has increased 2.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Hyliion Holdings Corp. belongs to the Automotive - Original Equipment industry, a group that includes 52 individual companies and currently sits at #163 in the Zacks Industry Rank. Stocks in this group have lost about 2.7% so far this year, so HYLN is performing better this group in terms of year-to-date returns. Magna is also part of the same industry.
Hyliion Holdings Corp. and Magna could continue their solid performance, so investors interested in Auto-Tires-Trucks stocks should continue to pay close attention to these stocks.
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This article originally published on Zacks Investment Research (zacks.com).