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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: Here's Why
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Cleveland-Cliffs (CLF - Free Report) closed at $15.47 in the latest trading session, marking a -1.09% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.1% for the day. Elsewhere, the Dow lost 0.08%, while the tech-heavy Nasdaq added 0.28%.
Shares of the mining company witnessed a loss of 1.01% over the previous month, trailing the performance of the Basic Materials sector with its loss of 0.98% and the S&P 500's gain of 4.08%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to go public on July 22, 2024. The company's upcoming EPS is projected at $0, signifying a 100% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $5.24 billion, down 12.45% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.34 per share and a revenue of $20.92 billion, signifying shifts of -68.22% and -4.9%, respectively, from the last year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 64.74% downward. Cleveland-Cliffs is holding a Zacks Rank of #4 (Sell) right now.
Looking at its valuation, Cleveland-Cliffs is holding a Forward P/E ratio of 46.69. For comparison, its industry has an average Forward P/E of 15.61, which means Cleveland-Cliffs is trading at a premium to the group.
Meanwhile, CLF's PEG ratio is currently 1.05. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Mining - Miscellaneous industry was having an average PEG ratio of 2.78.
The Mining - Miscellaneous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: Here's Why
Cleveland-Cliffs (CLF - Free Report) closed at $15.47 in the latest trading session, marking a -1.09% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.1% for the day. Elsewhere, the Dow lost 0.08%, while the tech-heavy Nasdaq added 0.28%.
Shares of the mining company witnessed a loss of 1.01% over the previous month, trailing the performance of the Basic Materials sector with its loss of 0.98% and the S&P 500's gain of 4.08%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to go public on July 22, 2024. The company's upcoming EPS is projected at $0, signifying a 100% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $5.24 billion, down 12.45% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.34 per share and a revenue of $20.92 billion, signifying shifts of -68.22% and -4.9%, respectively, from the last year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 64.74% downward. Cleveland-Cliffs is holding a Zacks Rank of #4 (Sell) right now.
Looking at its valuation, Cleveland-Cliffs is holding a Forward P/E ratio of 46.69. For comparison, its industry has an average Forward P/E of 15.61, which means Cleveland-Cliffs is trading at a premium to the group.
Meanwhile, CLF's PEG ratio is currently 1.05. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Mining - Miscellaneous industry was having an average PEG ratio of 2.78.
The Mining - Miscellaneous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.