Is Olin (OLN) Stock Outpacing Its Basic Materials Peers This Year?
Is (OLN) Outperforming Other Basic Materials Stocks This Year?
Investors focused on the Basic Materials space have likely heard of Olin (OLN), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of OLN and the rest of the Basic Materials group's stocks.
Olin is one of 251 individual stocks in the Basic Materials 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 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. OLN is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for OLN's full-year earnings has moved 31.98% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that OLN has returned about 97.64% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 12.33%. As we can see, Olin is performing better than its sector in the calendar year.
To break things down more, OLN belongs to the Chemical - Diversified industry, a group that includes 41 individual companies and currently sits at #168 in the Zacks Industry Rank. Stocks in this group have gained about 10.86% so far this year, so OLN is performing better this group in terms of year-to-date returns.
OLN will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.
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