The Construction group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has SPX Technologies (SPXC) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Construction peers, we might be able to answer that question.
SPX Technologies is a member of our Construction group, which includes 88 different companies and currently sits at #16 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. SPX Technologies is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for SPXC's full-year earnings has moved 2.4% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that SPXC has returned about 21.5% since the start of the calendar year. Meanwhile, stocks in the Construction group have gained about 17% on average. This means that SPX Technologies is performing better than its sector in terms of year-to-date returns.
Another Construction stock, which has outperformed the sector so far this year, is Simpson Manufacturing (SSD). The stock has returned 24% year-to-date.
For Simpson Manufacturing, the consensus EPS estimate for the current year has increased 2.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, SPX Technologies belongs to the Building Products - Air Conditioner and Heating industry, a group that includes 7 individual stocks and currently sits at #40 in the Zacks Industry Rank. This group has gained an average of 46.9% so far this year, so SPXC is slightly underperforming its industry in this area.
Simpson Manufacturing, however, belongs to the Building Products - Miscellaneous industry. Currently, this 33-stock industry is ranked #200. The industry has moved +5.3% so far this year.
SPX Technologies and Simpson Manufacturing could continue their solid performance, so investors interested in Construction stocks should continue to pay close attention to these stocks.
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SPX Technologies, Inc. (SPXC): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).