Advertisement
Canada markets closed

  • S&P/TSX

    21,873.72
    -138.00 (-0.63%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • CAD/USD

    0.7297
    -0.0023 (-0.32%)
     

  • CRUDE OIL

    82.84
    +0.03 (+0.04%)
     

  • Bitcoin CAD

    87,907.55
    -3,140.05 (-3.45%)
     

  • CMC Crypto 200

    1,386.81
    -37.29 (-2.62%)
     

  • GOLD FUTURES

    2,329.50
    -8.90 (-0.38%)
     

  • RUSSELL 2000

    1,995.43
    -7.22 (-0.36%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • NASDAQ futures

    17,477.50
    -187.00 (-1.06%)
     

  • VOLATILITY

    15.97
    +0.28 (+1.78%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • CAD/EUR

    0.6819
    -0.0017 (-0.25%)
     

Is Assa Abloy (ASAZY) Stock Outpacing Its Industrial Products Peers This Year?

Zacks Equity Research
·2 min read

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 Assa Abloy AB (ASAZY) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Industrial Products sector should help us answer this question.

Assa Abloy AB is one of 217 companies in the Industrial Products group. The Industrial Products group currently sits at #1 within 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 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. Assa Abloy AB is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for ASAZY's full-year earnings has moved 7.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

ADVERTISEMENT

Based on the most recent data, ASAZY has returned 5.7% so far this year. In comparison, Industrial Products companies have returned an average of 2.1%. This shows that Assa Abloy AB is outperforming its peers so far this year.

Another Industrial Products stock, which has outperformed the sector so far this year, is Desktop Metal, Inc. (DM). The stock has returned 28.7% year-to-date.

For Desktop Metal, Inc. the consensus EPS estimate for the current year has increased 20.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Assa Abloy AB belongs to the Security and Safety Services industry, which includes 22 individual stocks and currently sits at #88 in the Zacks Industry Rank. This group has lost an average of 2.9% so far this year, so ASAZY is performing better in this area.

Desktop Metal, Inc. however, belongs to the Manufacturing - Print industry. Currently, this 1-stock industry is ranked #7. The industry has moved +7.9% so far this year.

Investors interested in the Industrial Products sector may want to keep a close eye on Assa Abloy AB and Desktop Metal, Inc. as they attempt to continue their solid performance.

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

Assa Abloy AB (ASAZY) : Free Stock Analysis Report

Desktop Metal, Inc. (DM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research