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Cleveland-Cliffs (CLF) Advances While Market Declines: Some Information for Investors
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Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $15.59, moving +1.5% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.01% for the day. Meanwhile, the Dow gained 0.04%, and the Nasdaq, a tech-heavy index, lost 0.25%.
Prior to today's trading, shares of the mining company had gained 10.58% over the past month. This has outpaced the Basic Materials sector's loss of 5.58% and the S&P 500's loss of 1.6% in that time.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is slated to reveal its earnings on October 23, 2023. On that day, Cleveland-Cliffs is projected to report earnings of $0.46 per share, which would represent year-over-year growth of 58.62%. Alongside, our most recent consensus estimate is anticipating revenue of $5.48 billion, indicating a 3.06% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.29 per share and revenue of $21.92 billion, indicating changes of -57.7% and -4.63%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 8.27% lower. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).
In the context of valuation, Cleveland-Cliffs is at present trading with a Forward P/E ratio of 11.94. This signifies a premium in comparison to the average Forward P/E of 10.39 for its industry.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 98, placing it within the top 39% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CLF in the coming trading sessions, be sure to utilize Zacks.com.
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Cleveland-Cliffs (CLF) Advances While Market Declines: Some Information for Investors
Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $15.59, moving +1.5% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.01% for the day. Meanwhile, the Dow gained 0.04%, and the Nasdaq, a tech-heavy index, lost 0.25%.
Prior to today's trading, shares of the mining company had gained 10.58% over the past month. This has outpaced the Basic Materials sector's loss of 5.58% and the S&P 500's loss of 1.6% in that time.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is slated to reveal its earnings on October 23, 2023. On that day, Cleveland-Cliffs is projected to report earnings of $0.46 per share, which would represent year-over-year growth of 58.62%. Alongside, our most recent consensus estimate is anticipating revenue of $5.48 billion, indicating a 3.06% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.29 per share and revenue of $21.92 billion, indicating changes of -57.7% and -4.63%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 8.27% lower. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).
In the context of valuation, Cleveland-Cliffs is at present trading with a Forward P/E ratio of 11.94. This signifies a premium in comparison to the average Forward P/E of 10.39 for its industry.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 98, placing it within the top 39% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CLF in the coming trading sessions, be sure to utilize Zacks.com.