Cleveland-Cliffs (CLF) closed the most recent trading day at $10.81, moving -1.91% from the previous trading session. This change lagged the S&P 500's daily gain of 0.27%. Meanwhile, the Dow gained 0.43%, and the Nasdaq, a tech-heavy index, added 0.37%.
Shares of the mining company witnessed a gain of 13.37% over the previous month, beating the performance of the Basic Materials sector with its gain of 5.86%, and the S&P 500's gain of 1.85%.
Investors will be eagerly watching for the performance of Cleveland-Cliffs in its upcoming earnings disclosure. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.43 per share. This would mark a year-over-year decline of 30.3%. Our most recent consensus estimate is calling for quarterly revenue of $4.92 billion, up 7.59% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$2.07 per share and a revenue of $19.32 billion, indicating changes of -183.56% and +0.7%, respectively, from the former year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. The Zacks Consensus EPS estimate has moved 5.09% lower within the past month. Currently, Cleveland-Cliffs is carrying a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Cleveland-Cliffs Inc. (CLF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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