In the latest trading session, Cleveland-Cliffs (CLF) closed at $7.37, marking a -8.1% move from the previous day. This change lagged the S&P 500's 0.27% loss on the day.
Coming into today, shares of the mining company had gained 5.8% in the past month. In that same time, the Basic Materials sector gained 4.76%, while the S&P 500 gained 6.9%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.56, indicating a 609.09% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $4.97 billion, down 2.44% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$1.51 per share and a revenue of $19.52 billion, signifying shifts of -106.85% and +1.74%, respectively, from the last 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. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been a 63.16% fall in the Zacks Consensus EPS estimate. 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 80, this industry ranks in the top 33% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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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