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 ABB (ABBNY) one of those stocks right now? 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.
ABB is a member of our Industrial Products group, which includes 181 different companies and currently sits at #4 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 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. ABB is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for ABBNY's full-year earnings has moved 13.3% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, ABBNY has gained about 45.2% so far this year. In comparison, Industrial Products companies have returned an average of 17.6%. This means that ABB is performing better than its sector in terms of year-to-date returns.
Another stock in the Industrial Products sector, CECO Environmental (CECO), has outperformed the sector so far this year. The stock's year-to-date return is 35.5%.
The consensus estimate for CECO Environmental's current year EPS has increased 17% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, ABB belongs to the Manufacturing - Electronics industry, a group that includes 14 individual stocks and currently sits at #86 in the Zacks Industry Rank. This group has gained an average of 23.7% so far this year, so ABBNY is performing better in this area.
CECO Environmental, however, belongs to the Pollution Control industry. Currently, this 5-stock industry is ranked #209. The industry has moved -0.4% so far this year.
Investors interested in the Industrial Products sector may want to keep a close eye on ABB and CECO Environmental 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
ABB Ltd (ABBNY): Free Stock Analysis Report
CECO Environmental Corp. (CECO): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).