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Is ClevelandCliffs (CLF) Stock Outpacing Its Basic Materials Peers This Year?

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Investors focused on the Basic Materials space have likely heard of ClevelandCliffs (CLF - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

ClevelandCliffs is one of 235 individual stocks in the Basic Materials sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

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. CLF is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for CLF's full-year earnings has moved 47.46% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

According to our latest data, CLF has moved about 63.69% on a year-to-date basis. At the same time, Basic Materials stocks have gained an average of 19.52%. This means that ClevelandCliffs is performing better than its sector in terms of year-to-date returns.

Looking more specifically, CLF belongs to the Mining - Miscellaneous industry, which includes 42 individual stocks and currently sits at #193 in the Zacks Industry Rank. This group has gained an average of 28.12% so far this year, so CLF is performing better in this area.

CLF will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.


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