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Cleveland-Cliffs (CLF) Dips More Than Broader Market: What You Should Know
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In the latest market close, Cleveland-Cliffs (CLF - Free Report) reached $11.99, with a -0.99% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.16%. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, lost 0.3%.
Shares of the mining company witnessed a loss of 9.36% over the previous month, trailing the performance of the Basic Materials sector with its gain of 0.19% and the S&P 500's gain of 3.64%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.14 per share. This would mark a year-over-year decline of 125.93%. In the meantime, our current consensus estimate forecasts the revenue to be $4.89 billion, indicating a 12.84% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $0.04 per share and a revenue of $20.19 billion, demonstrating changes of -96.26% and -8.19%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 77.45% decrease. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
In the context of valuation, Cleveland-Cliffs is at present trading with a Forward P/E ratio of 315.91. This signifies a premium in comparison to the average Forward P/E of 14.27 for its industry.
It's also important to note that CLF currently trades at a PEG ratio of 7.14. 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 2.21.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 180, positioning it in the bottom 29% of all 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Cleveland-Cliffs (CLF) Dips More Than Broader Market: What You Should Know
In the latest market close, Cleveland-Cliffs (CLF - Free Report) reached $11.99, with a -0.99% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.16%. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, lost 0.3%.
Shares of the mining company witnessed a loss of 9.36% over the previous month, trailing the performance of the Basic Materials sector with its gain of 0.19% and the S&P 500's gain of 3.64%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.14 per share. This would mark a year-over-year decline of 125.93%. In the meantime, our current consensus estimate forecasts the revenue to be $4.89 billion, indicating a 12.84% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $0.04 per share and a revenue of $20.19 billion, demonstrating changes of -96.26% and -8.19%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 77.45% decrease. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
In the context of valuation, Cleveland-Cliffs is at present trading with a Forward P/E ratio of 315.91. This signifies a premium in comparison to the average Forward P/E of 14.27 for its industry.
It's also important to note that CLF currently trades at a PEG ratio of 7.14. 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 2.21.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 180, positioning it in the bottom 29% of all 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.