In the latest trading session, Cleveland-Cliffs (CLF) closed at $11.89, marking a +1.8% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.47%. Meanwhile, the Dow experienced a rise of 0.11%, and the technology-dominated Nasdaq saw an increase of 0.94%.
The mining company's stock has climbed by 12.2% in the past month, exceeding the Basic Materials sector's gain of 4.93% and the S&P 500's gain of 2.32%.
The upcoming earnings release of Cleveland-Cliffs will be of great interest to investors. 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.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$2.07 per share and revenue of $19.32 billion. These totals would mark changes of -183.56% and +0.7%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 last 30 days, the Zacks Consensus EPS estimate has moved 5.09% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 189, this industry ranks in the bottom 24% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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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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