Are Basic Materials Stocks Lagging ClevelandCliffs (CLF) This Year?
Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Cleveland-Cliffs (CLF) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Cleveland-Cliffs is a member of our Basic Materials group, which includes 238 different companies and currently sits at #10 in the Zacks Sector Rank. 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 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. Cleveland-Cliffs 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 88.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that CLF has returned about 25.5% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 7.7%. This means that Cleveland-Cliffs is performing better than its sector in terms of year-to-date returns.
Another Basic Materials stock, which has outperformed the sector so far this year, is DuPont de Nemours (DD). The stock has returned 12.1% year-to-date.
Over the past three months, DuPont de Nemours' consensus EPS estimate for the current year has increased 3.4%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Cleveland-Cliffs is a member of the Mining - Miscellaneous industry, which includes 49 individual companies and currently sits at #87 in the Zacks Industry Rank. This group has gained an average of 7.4% so far this year, so CLF is performing better in this area.
DuPont de Nemours, however, belongs to the Chemical - Diversified industry. Currently, this 34-stock industry is ranked #179. The industry has moved +6.2% so far this year.
Investors with an interest in Basic Materials stocks should continue to track Cleveland-Cliffs and DuPont de Nemours. These stocks will be looking to continue their solid performance.
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Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
DuPont de Nemours, Inc. (DD) : Free Stock Analysis Report
