Investors focused on the Basic Materials space have likely heard of Schnitzer Steel Industries (SCHN - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
Schnitzer Steel Industries is one of 240 individual stocks in the Basic Materials sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. SCHN is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for SCHN's full-year earnings has moved 8.01% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, SCHN has returned 2.24% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 4.77% on average. This means that Schnitzer Steel Industries is outperforming the sector as a whole this year.
Breaking things down more, SCHN is a member of the Steel - Producers industry, which includes 25 individual companies and currently sits at #34 in the Zacks Industry Rank. This group has lost an average of 4.01% so far this year, so SCHN is performing better in this area.
Investors with an interest in Basic Materials stocks should continue to track SCHN. The stock will be looking to continue its solid performance.