Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. 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 #13. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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 #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for SCHN's full-year earnings has moved 8.61% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that SCHN has returned about 8.82% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 7.64%. 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 28 individual companies and currently sits at #205 in the Zacks Industry Rank. On average, stocks in this group have gained 0.65% this year, meaning that SCHN is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track SCHN. The stock will be looking to continue its solid performance.