Investors interested in Conglomerates stocks should always be looking to find the best-performing companies in the group. Has ITT (ITT) 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 Conglomerates sector should help us answer this question.
ITT is one of 27 companies in the Conglomerates group. The Conglomerates group currently sits at #1 within the Zacks Sector Rank. 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 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. ITT is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ITT's full-year earnings has moved 4.3% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that ITT has returned about 19.4% since the start of the calendar year. Meanwhile, stocks in the Conglomerates group have lost about 15.2% on average. This means that ITT is performing better than its sector in terms of year-to-date returns.
Another stock in the Conglomerates sector, Mitsubishi Corp. (MSBHF), has outperformed the sector so far this year. The stock's year-to-date return is 33.3%.
Over the past three months, Mitsubishi Corp.'s consensus EPS estimate for the current year has increased 6.5%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, ITT belongs to the Diversified Operations industry, a group that includes 27 individual companies and currently sits at #49 in the Zacks Industry Rank. Stocks in this group have lost about 15.2% so far this year, so ITT is performing better this group in terms of year-to-date returns. Mitsubishi Corp. is also part of the same industry.
Investors interested in the Conglomerates sector may want to keep a close eye on ITT and Mitsubishi Corp. as they attempt to continue their solid performance.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ITT Inc. (ITT): Free Stock Analysis Report
Mitsubishi Corp. (MSBHF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).