Cleveland-Cliffs (CLF - Free Report) closed at $15.23 in the latest trading session, marking a -0.78% move from the prior day. This change was narrower than the S&P 500's 1.13% loss on the day. Elsewhere, the Dow lost 0.56%, while the tech-heavy Nasdaq added 0.16%.
Heading into today, shares of the mining company had lost 16.89% over the past month, lagging the Basic Materials sector's loss of 5.62% and the S&P 500's loss of 7.59% in that time.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. The company is expected to report EPS of $0.91, down 60.94% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.71 billion, down 4.98% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $4.43 per share and revenue of $23.49 billion. These results would represent year-over-year changes of -24.53% and +14.92%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.54% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Cleveland-Cliffs has a Forward P/E ratio of 3.46 right now. Its industry sports an average Forward P/E of 8.24, so we one might conclude that Cleveland-Cliffs is trading at a discount comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Cleveland-Cliffs (CLF - Free Report) closed at $15.23 in the latest trading session, marking a -0.78% move from the prior day. This change was narrower than the S&P 500's 1.13% loss on the day. Elsewhere, the Dow lost 0.56%, while the tech-heavy Nasdaq added 0.16%.
Heading into today, shares of the mining company had lost 16.89% over the past month, lagging the Basic Materials sector's loss of 5.62% and the S&P 500's loss of 7.59% in that time.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. The company is expected to report EPS of $0.91, down 60.94% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.71 billion, down 4.98% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $4.43 per share and revenue of $23.49 billion. These results would represent year-over-year changes of -24.53% and +14.92%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.54% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Cleveland-Cliffs has a Forward P/E ratio of 3.46 right now. Its industry sports an average Forward P/E of 8.24, so we one might conclude that Cleveland-Cliffs is trading at a discount comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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