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Has ClevelandCliffs (CLF) Outpaced Other Basic Materials Stocks 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? Let's take a closer look at the stock's year-to-date performance to find out.
ClevelandCliffs is one of 239 individual stocks in the Basic Materials sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. 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. CLF is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for CLF's full-year earnings has moved 545.61% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, CLF has gained about 8.86% so far this year. Meanwhile, the Basic Materials sector has returned an average of 0.10% on a year-to-date basis. This means that ClevelandCliffs is outperforming the sector as a whole this year.
Looking more specifically, CLF belongs to the Mining - Miscellaneous industry, which includes 45 individual stocks and currently sits at #125 in the Zacks Industry Rank. On average, this group has gained an average of 2.32% so far this year, meaning that CLF 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 CLF as it looks to continue its solid performance.
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Has ClevelandCliffs (CLF) Outpaced Other Basic Materials Stocks This Year?
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? Let's take a closer look at the stock's year-to-date performance to find out.
ClevelandCliffs is one of 239 individual stocks in the Basic Materials sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. 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. CLF is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for CLF's full-year earnings has moved 545.61% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, CLF has gained about 8.86% so far this year. Meanwhile, the Basic Materials sector has returned an average of 0.10% on a year-to-date basis. This means that ClevelandCliffs is outperforming the sector as a whole this year.
Looking more specifically, CLF belongs to the Mining - Miscellaneous industry, which includes 45 individual stocks and currently sits at #125 in the Zacks Industry Rank. On average, this group has gained an average of 2.32% so far this year, meaning that CLF 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 CLF as it looks to continue its solid performance.