One company that should be on your radar is Noranda Aluminum Holding Corp. (NOR). The stock of this Metal Product Distributor has seen its Zacks Rank surge over the past four weeks, moving from Sell territory to its current position as a Buy.
A key reason for this move has been the positive trend in the earnings estimate revisions picture. For NOR’s full year estimate, we have seen 4 estimates go higher in the past 30 days, compared to no lower revision. This trend has helped the consensus estimate to trend higher, going from a loss of 82 cents a share a month ago to its current level at a loss of 67 cents.
This positive shift in estimates has made some investors take notice and buy the stock. In fact, NOR has seen some pretty solid trading lately, as the company has moved higher by 17.9% in the past month.
If Noranda Aluminum can keep up this great momentum on the earnings estimate front and continue to impress analysts, we could see more gains ahead for this company, suggesting that you might want to put NOR on your watch list for the future.
Other top-ranked stocks worth considering in Basic Materials sector include AngloGold Ashanti Ltd. (AU), Franco-Nevada Corporation (FNV), and Stillwater Mining Co. (SWC). All these stocks carry a Zacks Rank #1 (Strong Buy).
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