Is Carpenter Technology (CRS) Stock Outpacing Its Basic Materials Peers This Year?

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 Carpenter Technology (CRS) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Carpenter Technology is one of 241 companies in the Basic Materials group. The Basic Materials group currently sits at #13 within 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 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. Carpenter Technology is currently sporting a Zacks Rank of #2 (Buy).Over the past three months, the Zacks Consensus Estimate for CRS' full-year earnings has moved 5.8% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.Based on the latest available data, CRS has gained about 91.7% so far this year. At the same time, Basic Materials stocks have gained an average of 30.7%. This shows that Carpenter Technology is outperforming its peers so far this year.One other Basic Materials stock that has outperformed the sector so far this year is Rio Tinto (RIO). The stock is up 36.7% year-to-date.Over the past three months, Rio Tinto's consensus EPS estimate for the current year has increased 7.8%. The stock currently has a Zacks Rank #1 (Strong Buy).To break things down more, Carpenter Technology belongs to the Steel - Speciality industry, a group that includes 4 individual companies and currently sits at #40 in the Zacks Industry Rank. Stocks in this group have gained about 70.5% so far this year, so CRS is performing better this group in terms of year-to-date returns. Rio Tinto, however, belongs to the Mining - Miscellaneous industry. Currently, this 69-stock industry is ranked #160. The industry has moved +36.5% so far this year.Investors interested in the Basic Materials sector may want to keep a close eye on Carpenter Technology and Rio Tinto as they attempt to continue their solid performance.#1 Semiconductor Stock to Buy (Not NVDA)The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.See This Stock Now for Free >>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 Carpenter Technology Corporation (CRS): Free Stock Analysis Report Rio Tinto PLC (RIO): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks