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Cleveland-Cliffs (CLF) Dips More Than Broader Markets: What You Should Know
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Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $20.38, moving -1.74% from the previous trading session. This change lagged the S&P 500's daily loss of 0.76%. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the mining company had gained 37.08% in the past month. In that same time, the Basic Materials sector gained 7.22%, while the S&P 500 gained 2.18%.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.27 per share. This would mark a year-over-year decline of 115.17%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.37 billion, up 0.39% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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, 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. Within the past 30 days, our consensus EPS projection has moved 92.78% higher. Cleveland-Cliffs is holding a Zacks Rank of #1 (Strong Buy) right now.
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 9.96. This represents a discount compared to its industry's average Forward P/E of 11.44.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 58, putting it in the top 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CLF in the coming trading sessions, be sure to utilize Zacks.com.
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Cleveland-Cliffs (CLF) Dips More Than Broader Markets: What You Should Know
Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $20.38, moving -1.74% from the previous trading session. This change lagged the S&P 500's daily loss of 0.76%. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the mining company had gained 37.08% in the past month. In that same time, the Basic Materials sector gained 7.22%, while the S&P 500 gained 2.18%.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.27 per share. This would mark a year-over-year decline of 115.17%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.37 billion, up 0.39% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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, 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. Within the past 30 days, our consensus EPS projection has moved 92.78% higher. Cleveland-Cliffs is holding a Zacks Rank of #1 (Strong Buy) right now.
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 9.96. This represents a discount compared to its industry's average Forward P/E of 11.44.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 58, putting it in the top 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CLF in the coming trading sessions, be sure to utilize Zacks.com.