Has Micron Technology (MU) Outpaced Other Computer and Technology Stocks This Year?

Zacks Equity Research
Updated
Asbury Automotive (ABG) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Investors focused on the Computer and Technology space have likely heard of Micron Technology (MU), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.

Micron Technology is one of 630 companies in the Computer and Technology group. The Computer and Technology group currently sits at #9 within 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 system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. MU is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for MU's full-year earnings has moved 9.19% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, MU has returned 44.09% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 8.96% on a year-to-date basis. This means that Micron Technology is outperforming the sector as a whole this year.

To break things down more, MU belongs to the Semiconductor Memory industry, a group that includes 1 individual companies and currently sits at #1 in the Zacks Industry Rank. Stocks in this group have gained about 44.09% so far this year, so MU is performing on par this group in terms of year-to-date returns.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MU as it looks to continue its solid performance.


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