The Aerospace group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Teledyne Technologies (TDY) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Aerospace sector should help us answer this question.
Teledyne Technologies is one of 67 individual stocks in the Aerospace sector. Collectively, these companies sit at #6 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 proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Teledyne Technologies is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for TDY's full-year earnings has moved 1.2% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, TDY has moved about 20.3% on a year-to-date basis. In comparison, Aerospace companies have returned an average of -0.8%. This means that Teledyne Technologies is performing better than its sector in terms of year-to-date returns.
One other Aerospace stock that has outperformed the sector so far this year is Woodward (WWD). The stock is up 17.9% year-to-date.
In Woodward's case, the consensus EPS estimate for the current year increased 9.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Teledyne Technologies belongs to the Aerospace - Defense Equipment industry, a group that includes 37 individual stocks and currently sits at #96 in the Zacks Industry Rank. Stocks in this group have gained about 8.9% so far this year, so TDY is performing better this group in terms of year-to-date returns. Woodward is also part of the same industry.
Investors with an interest in Aerospace stocks should continue to track Teledyne Technologies and Woodward. These stocks will be looking to continue their solid performance.
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Teledyne Technologies Incorporated (TDY): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).