For those looking to find strong Industrial Products stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Alta Equipment (ALTG) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Alta Equipment is a member of our Industrial Products group, which includes 188 different companies and currently sits at #6 in 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 model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Alta Equipment is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ALTG's full-year earnings has moved 7.7% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that ALTG has returned about 43.9% since the start of the calendar year. At the same time, Industrial Products stocks have gained an average of 18%. As we can see, Alta Equipment is performing better than its sector in the calendar year.
One other Industrial Products stock that has outperformed the sector so far this year is Caterpillar (CAT). The stock is up 66.3% year-to-date.
Over the past three months, Caterpillar's consensus EPS estimate for the current year has increased 8.2%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Alta Equipment belongs to the Manufacturing - General Industrial industry, a group that includes 42 individual stocks and currently sits at #64 in the Zacks Industry Rank. This group has gained an average of 6.9% so far this year, so ALTG is performing better in this area.
On the other hand, Caterpillar belongs to the Manufacturing - Construction and Mining industry. This 6-stock industry is currently ranked #75. The industry has moved +58.1% year to date.
Investors with an interest in Industrial Products stocks should continue to track Alta Equipment and Caterpillar. These stocks will be looking to continue their solid performance.
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Alta Equipment Group Inc. (ALTG): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).