Banking

Schnitzer Steel Industries Stock Joins The 95-Plus Composite Rating Club

The IBD SmartSelect Composite Rating for Schnitzer Steel Industries (SCHN) increased from 94 to 96 Friday. The scrap metal and steel company has benefitted from the rising demand in steel in the manufacturing and construction sectors. Schnitzer Steel stock has a 94 Relative Strength Rating.




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The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. Winning stocks often have a 95 or higher score in the early stages of a new price run, so that’s an important benchmark to look for when looking for the best stocks to buy and watch.

Schnitzer Steel Industries stock has performed well the first half of the year, breaking out of cup-shaped and flat base patterns. Since hitting a 52-week high of 59.34 on Jun. 1, the stock has pulled back and is not currently near a proper buy zone. Look for the stock to form and break out of a new base. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips.

 


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The stock has an 87 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 87% of all stocks.

Its Accumulation/Distribution Rating of C shows a roughly equal amount of buying and selling by institutional investors over the last 13 weeks.

The company posted 4,300% earnings growth for Q3. Top line growth increased 104%, up from 37% in the prior quarter. The company has now posted rising growth in each of the last four quarters.

Schnitzer Steel Industries stock holds the No. 1 rank among its peers in the Metal-Fabricators industry group. Commercial Metals (CMC) and Mueller Industries (MLI) are also among the group’s highest-rated stocks.

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