Investors focused on the Basic Materials space have likely heard of Cleveland-Cliffs (CLF - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of CLF and the rest of the Basic Materials group's stocks.
Cleveland-Cliffs is a member of our Basic Materials group, which includes 241 different companies and currently sits at #6 in the Zacks Sector Rank. 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 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).
Over the past three months, the Zacks Consensus Estimate for CLF's full-year earnings has moved 37.65% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, CLF has returned 15.81% so far this year. At the same time, Basic Materials stocks have lost an average of 0.31%. As we can see, Cleveland-Cliffs is performing better than its sector in the calendar year.
Looking more specifically, CLF belongs to the Mining - Miscellaneous industry, a group that includes 33 individual stocks and currently sits at #102 in the Zacks Industry Rank. On average, this group has gained an average of 7.78% so far this year, meaning that CLF is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track CLF. The stock will be looking to continue its solid performance.