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Has Nokia (NOK) Outpaced Other Computer and Technology Stocks This Year?

Zacks

Investors focused on the Computer and Technology space have likely heard of Nokia (NOK), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

Nokia is a member of our Computer and Technology group, which includes 659 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

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 three months, the Zacks Consensus Estimate for NOK's full-year earnings has moved 1.30% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

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Our latest available data shows that NOK has returned about 17.60% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 1.35%. As we can see, Nokia is performing better than its sector in the calendar year.

Looking more specifically, NOK belongs to the Wireless Equipment industry, which includes 16 individual stocks and currently sits at #11 in the Zacks Industry Rank. Stocks in this group have gained about 6.71% so far this year, so NOK is performing better this group in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track NOK. The stock will be looking to continue its solid performance.


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