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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 Axon Enterprise (AXON) 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.
Axon Enterprise is one of 213 individual stocks in the Industrial Products sector. Collectively, these companies sit at #14 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. Axon Enterprise is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for AXON's full-year earnings has moved 1.4% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, AXON has gained about 81.5% so far this year. At the same time, Industrial Products stocks have gained an average of 17.3%. This shows that Axon Enterprise is outperforming its peers so far this year.
Another stock in the Industrial Products sector, IHI CORP (IHICY), has outperformed the sector so far this year. The stock's year-to-date return is 232.1%.
The consensus estimate for IHI CORP's current year EPS has increased 34.6% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Axon Enterprise belongs to the Security and Safety Services industry, which includes 21 individual stocks and currently sits at #159 in the Zacks Industry Rank. Stocks in this group have gained about 28.5% so far this year, so AXON is performing better this group in terms of year-to-date returns.
IHI CORP, however, belongs to the Manufacturing - General Industrial industry. Currently, this 42-stock industry is ranked #143. The industry has moved +18.7% so far this year.
Going forward, investors interested in Industrial Products stocks should continue to pay close attention to Axon Enterprise and IHI CORP as they could maintain their solid performance.
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