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Is Canon (CAJPY) 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. Has Canon (CAJPY) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Canon is one of 620 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Canon is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for CAJPY's full-year earnings has moved 12.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

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According to our latest data, CAJPY has moved about 17% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 13.8% on a year-to-date basis. This means that Canon is performing better than its sector in terms of year-to-date returns.

One other Computer and Technology stock that has outperformed the sector so far this year is Applied Materials (AMAT). The stock is up 29.7% year-to-date.

In Applied Materials' case, the consensus EPS estimate for the current year increased 7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Breaking things down more, Canon is a member of the Office Automation and Equipment industry, which includes 5 individual companies and currently sits at #99 in the Zacks Industry Rank. On average, stocks in this group have lost 3.4% this year, meaning that CAJPY is performing better in terms of year-to-date returns.

On the other hand, Applied Materials belongs to the Semiconductor Equipment - Wafer Fabrication industry. This 4-stock industry is currently ranked #99. The industry has moved +28.4% year to date.

Investors interested in the Computer and Technology sector may want to keep a close eye on Canon and Applied Materials as they attempt to continue their solid performance.

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Canon, Inc. (CAJPY) : Free Stock Analysis Report

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