Is Nokia (NOK) Stock Outpacing Its Computer and Technology Peers This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Nokia (NOK) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of NOK and the rest of the Computer and Technology group’s stocks.
Nokia is one of 626 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #12 in 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. NOK is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for NOK’s full-year earnings has moved 28.57% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that NOK has returned about 47.31% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 25.22%. This shows that Nokia is outperforming its peers so far this year.
Breaking things down more, NOK is a member of the Wireless Equipment industry, which includes 15 individual companies and currently sits at #37 in the Zacks Industry Rank. This group has gained an average of 6.50% so far this year, so NOK is performing better in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to NOK as it looks to continue its solid performance.
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