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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $17.61, marking a -0.28% move from the previous day. This move lagged the S&P 500's daily gain of 1.76%. Elsewhere, the Dow gained 1.17%, while the tech-heavy Nasdaq added 3.03%.
Heading into today, shares of the mining company had lost 13.77% over the past month, lagging the Basic Materials sector's loss of 7.76% and the S&P 500's loss of 5.94% in that time.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.23 per share. This would mark a year-over-year decline of 113.45%. Our most recent consensus estimate is calling for quarterly revenue of $5.07 billion, down 14.8% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $1.77 per share and revenue of $20.4 billion. These results would represent year-over-year changes of -41.97% and -11.26%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 14.63% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 9.95. Its industry sports an average Forward P/E of 9.9, so we one might conclude that Cleveland-Cliffs is trading at a premium comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 82, which puts it in the top 33% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $17.61, marking a -0.28% move from the previous day. This move lagged the S&P 500's daily gain of 1.76%. Elsewhere, the Dow gained 1.17%, while the tech-heavy Nasdaq added 3.03%.
Heading into today, shares of the mining company had lost 13.77% over the past month, lagging the Basic Materials sector's loss of 7.76% and the S&P 500's loss of 5.94% in that time.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.23 per share. This would mark a year-over-year decline of 113.45%. Our most recent consensus estimate is calling for quarterly revenue of $5.07 billion, down 14.8% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $1.77 per share and revenue of $20.4 billion. These results would represent year-over-year changes of -41.97% and -11.26%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 14.63% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 9.95. Its industry sports an average Forward P/E of 9.9, so we one might conclude that Cleveland-Cliffs is trading at a premium comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 82, which puts it in the top 33% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.