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Is Schnitzer Steel Industries (SCHN) Stock Outpacing Its Basic Materials Peers This Year?

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For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Schnitzer Steel Industries (SCHN - Free Report) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

Schnitzer Steel Industries is a member of the Basic Materials sector. This group includes 245 individual stocks and currently holds a Zacks Sector Rank of #2. 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 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. SCHN is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for SCHN's full-year earnings has moved 81.33% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, SCHN has moved about 30.84% on a year-to-date basis. Meanwhile, the Basic Materials sector has returned an average of 13.79% on a year-to-date basis. This means that Schnitzer Steel Industries is performing better than its sector in terms of year-to-date returns.

Looking more specifically, SCHN belongs to the Steel - Producers industry, which includes 24 individual stocks and currently sits at #16 in the Zacks Industry Rank. On average, this group has gained an average of 30.21% so far this year, meaning that SCHN is performing better in terms of year-to-date returns.

Investors in the Basic Materials sector will want to keep a close eye on SCHN as it attempts to continue its solid performance.


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