The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Schnitzer Steel Industries (SCHN - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Schnitzer Steel Industries is a member of the Basic Materials sector. This group includes 236 individual stocks and currently holds a Zacks Sector Rank of #8. 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. SCHN is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for SCHN's full-year earnings has moved 2.10% 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 14.94% so far this year. Meanwhile, stocks in the Basic Materials group have gained about 14.85% on average. This shows that Schnitzer Steel Industries is outperforming its peers so far this year.
Breaking things down more, SCHN is a member of the Steel - Producers industry, which includes 28 individual companies and currently sits at #149 in the Zacks Industry Rank. On average, this group has gained an average of 8.72% so far this year, meaning that SCHN is performing better in terms of year-to-date returns.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to SCHN as it looks to continue its solid performance.