Schnitzer Steel closed at $29.65 in the latest trading session, marking a +1.06% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.17%. Meanwhile, the Dow gained 0.6%, and the Nasdaq, a tech-heavy index, added 0.67%.
Prior to today's trading, shares of the recycler of ferrous and nonferrous scrap metal had lost 8.17% over the past month. This has lagged the Basic Materials sector's loss of 2.1% and the S&P 500's gain of 0.25% in that time.
Investors will be hoping for strength from Schnitzer Steel as it approaches its next earnings release, which is expected to be April 5, 2023.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.95 per share and revenue of $2.86 billion, which would represent changes of -84.35% and -18.04%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Schnitzer Steel. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.95% higher within the past month. Schnitzer Steel is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Schnitzer Steel is holding a Forward P/E ratio of 30.88. For comparison, its industry has an average Forward P/E of 8.46, which means Schnitzer Steel is trading at a premium to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 17, putting it in the top 7% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Image: Bigstock
Schnitzer Steel (SCHN) Outpaces Stock Market Gains: What You Should Know
Schnitzer Steel closed at $29.65 in the latest trading session, marking a +1.06% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.17%. Meanwhile, the Dow gained 0.6%, and the Nasdaq, a tech-heavy index, added 0.67%.
Prior to today's trading, shares of the recycler of ferrous and nonferrous scrap metal had lost 8.17% over the past month. This has lagged the Basic Materials sector's loss of 2.1% and the S&P 500's gain of 0.25% in that time.
Investors will be hoping for strength from Schnitzer Steel as it approaches its next earnings release, which is expected to be April 5, 2023.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.95 per share and revenue of $2.86 billion, which would represent changes of -84.35% and -18.04%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Schnitzer Steel. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.95% higher within the past month. Schnitzer Steel is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Schnitzer Steel is holding a Forward P/E ratio of 30.88. For comparison, its industry has an average Forward P/E of 8.46, which means Schnitzer Steel is trading at a premium to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 17, putting it in the top 7% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.