In the latest close session, Cleveland-Cliffs (CLF) was down 4.43% at $7.33. The stock fell short of the S&P 500, which registered a loss of 0.03% for the day. On the other hand, the Dow registered a loss of 0.11%, and the technology-centric Nasdaq increased by 0.13%.
Heading into today, shares of the mining company had gained 3.37% over the past month, outpacing the Basic Materials sector's gain of 3.05% and the S&P 500's gain of 0.6%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.57, reflecting a 618.18% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.96 billion, indicating a 2.57% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$1.54 per share and revenue of $19.46 billion, which would represent changes of -110.96% and +1.44%, respectively, from the prior year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 44.58% lower within the past month. At present, Cleveland-Cliffs boasts a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 38% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding 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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