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? Let's take a closer look at the stock's year-to-date performance to find out.
Cleveland-Cliffs is a member of the Basic Materials sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank of #14. 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 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).
Over the past 90 days, the Zacks Consensus Estimate for CLF's full-year earnings has moved 30.75% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, CLF has gained about 43.27% so far this year. At the same time, Basic Materials stocks have lost an average of 3.53%. This means that Cleveland-Cliffs is performing better than its sector in terms of year-to-date returns.
Looking more specifically, CLF belongs to the Mining - Miscellaneous industry, a group that includes 32 individual stocks and currently sits at #184 in the Zacks Industry Rank. Stocks in this group have lost about 0.61% so far this year, so CLF is performing better this group 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.