Are Computer and Technology Stocks Lagging Carrier Global (CARR) 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 Carrier Global (CARR) been one of those stocks this year? By taking a look at the stock’s year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

Carrier Global is a member of our Computer and Technology group, which includes 621 different companies and currently sits at #4 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. Carrier Global is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for CARR’s full-year earnings has moved 0.3% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

Based on the most recent data, CARR has returned 43.9% so far this year. In comparison, Computer and Technology companies have returned an average of 27.8%. As we can see, Carrier Global is performing better than its sector in the calendar year.

Another stock in the Computer and Technology sector, Garmin (GRMN), has outperformed the sector so far this year. The stock’s year-to-date return is 30.7%.

The consensus estimate for Garmin’s current year EPS has increased 7.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Carrier Global belongs to the Electronics – Miscellaneous Products industry, which includes 36 individual stocks and currently sits at #145 in the Zacks Industry Rank. This group has lost an average of 10.8% so far this year, so CARR is performing better in this area. Garmin is also part of the same industry.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Carrier Global and Garmin as they could maintain their solid performance.

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