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? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
Cleveland-Cliffs is a member of the Basic Materials sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #6. 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the 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 30.78% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that CLF has returned about 20.25% since the start of the calendar year. At the same time, Basic Materials stocks have lost an average of 3.35%. This means that Cleveland-Cliffs is outperforming the sector as a whole this year.
To break things down more, CLF belongs to the Mining - Miscellaneous industry, a group that includes 33 individual companies and currently sits at #64 in the Zacks Industry Rank. On average, stocks in this group have gained 3.05% 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.