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Has ClevelandCliffs (CLF) Outpaced Other Basic Materials Stocks This Year?

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For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is ClevelandCliffs (CLF - Free Report) one of those stocks right now? 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 a member of the Basic Materials sector. This group includes 251 individual stocks and currently holds a Zacks Sector Rank of #6. 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 proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. 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 45.64% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that CLF has returned about 52.88% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 18.23%. This shows that ClevelandCliffs is outperforming its peers so far this year.

To break things down more, CLF belongs to the Mining - Miscellaneous industry, a group that includes 47 individual companies and currently sits at #171 in the Zacks Industry Rank. On average, stocks in this group have gained 32.88% this year, meaning that CLF is performing better in terms of year-to-date returns.

Investors in the Basic Materials sector will want to keep a close eye on CLF as it attempts to continue its solid performance.


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