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 Idex (IEX) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Idex is one of 187 individual stocks in the Industrial Products sector. Collectively, these companies sit 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 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. Idex is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for IEX's full-year earnings has moved 3.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, IEX has gained about 28.7% so far this year. In comparison, Industrial Products companies have returned an average of 16.9%. This means that Idex is outperforming the sector as a whole this year.
Silgan Holdings (SLGN) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 17.4%.
The consensus estimate for Silgan Holdings' current year EPS has increased 1.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Idex is a member of the Manufacturing - General Industrial industry, which includes 41 individual companies and currently sits at #53 in the Zacks Industry Rank. Stocks in this group have gained about 7.9% so far this year, so IEX is performing better this group in terms of year-to-date returns.
Silgan Holdings, however, belongs to the Containers - Metal and Glass industry. Currently, this 4-stock industry is ranked #102. The industry has moved +15.7% so far this year.
Investors interested in the Industrial Products sector may want to keep a close eye on Idex and Silgan Holdings as they attempt to continue their solid performance.
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IDEX Corporation (IEX): Free Stock Analysis Report
Silgan Holdings Inc. (SLGN): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).