For those looking to find strong Industrial Products stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Resideo Technologies (REZI) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Industrial Products peers, we might be able to answer that question.
Resideo Technologies is one of 182 individual stocks in the Industrial Products sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. 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 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. Resideo Technologies is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for REZI's full-year earnings has moved 6.8% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, REZI has returned 15.5% so far this year. At the same time, Industrial Products stocks have gained an average of 14.8%. As we can see, Resideo Technologies is performing better than its sector in the calendar year.
Another Industrial Products stock, which has outperformed the sector so far this year, is SiteOne Landscape (SITE). The stock has returned 15.2% year-to-date.
For SiteOne Landscape, the consensus EPS estimate for the current year has increased 1.5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Resideo Technologies belongs to the Security and Safety Services industry, a group that includes 18 individual stocks and currently sits at #57 in the Zacks Industry Rank. On average, stocks in this group have lost 15.4% this year, meaning that REZI is performing better in terms of year-to-date returns.
On the other hand, SiteOne Landscape belongs to the Industrial Services industry. This 16-stock industry is currently ranked #211. The industry has moved +2.1% year to date.
Resideo Technologies and SiteOne Landscape 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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Resideo Technologies, Inc. (REZI): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).