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Is McEwen Mining (MUX) Outperforming Other Basic Materials Stocks This Year?

Zacks Equity Research
·2 min read

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is McEwen (MUX) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

McEwen is one of 240 companies in the Basic Materials group. The Basic Materials group currently sits at #11 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 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. McEwen is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for MUX's full-year earnings has moved 67.7% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

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Based on the most recent data, MUX has returned 47% so far this year. Meanwhile, stocks in the Basic Materials group have gained about 1.2% on average. This means that McEwen is performing better than its sector in terms of year-to-date returns.

One other Basic Materials stock that has outperformed the sector so far this year is Sylvamo Corporation (SLVM). The stock is up 25.5% year-to-date.

For Sylvamo Corporation, the consensus EPS estimate for the current year has increased 21.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, McEwen belongs to the Mining - Miscellaneous industry, which includes 60 individual stocks and currently sits at #151 in the Zacks Industry Rank. This group has lost an average of 8.9% so far this year, so MUX is performing better in this area.

On the other hand, Sylvamo Corporation belongs to the Paper and Related Products industry. This 12-stock industry is currently ranked #55. The industry has moved +13.8% year to date.

McEwen and Sylvamo Corporation could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.

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McEwen Mining Inc. (MUX) : Free Stock Analysis Report

Sylvamo Corporation (SLVM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research