Cleveland-Cliffs (CLF) ended the recent trading session at $13.60, demonstrating a +2.41% change from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.19%. Elsewhere, the Dow gained 0.66%, while the tech-heavy Nasdaq lost 0.03%.
The stock of mining company has risen by 4.16% in the past month, leading the Basic Materials sector's gain of 3.51% and the S&P 500's gain of 0.54%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.56 per share. This would mark year-over-year growth of 17.65%. In the meantime, our current consensus estimate forecasts the revenue to be $4.63 billion, indicating a 6.99% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$2.4 per share and a revenue of $18.92 billion, indicating changes of -228.77% and 0%, respectively, from the former year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 past month, the Zacks Consensus EPS estimate has moved 42.1% higher. Cleveland-Cliffs presently features a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 81, finds itself in the top 34% echelons of all 250+ industries.
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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming 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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