Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $15.26, moving +1.4% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 1.54%.
Coming into today, shares of the mining company had gained 0.8% in the past month. In that same time, the Basic Materials sector lost 2.2%, while the S&P 500 gained 4.14%.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release. On that day, Cleveland-Cliffs is projected to report earnings of $0.70 per share, which would represent a year-over-year decline of 46.56%. Meanwhile, our latest consensus estimate is calling for revenue of $5.57 billion, down 12.13% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.05 per share and revenue of $21.38 billion, which would represent changes of -32.79% and -6.98%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 0.66% lower within the past month. Cleveland-Cliffs currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 7.35. Its industry sports an average Forward P/E of 9.26, 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 industry currently has a Zacks Industry Rank of 114, which puts it in the top 46% 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.
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 the most recent trading day at $15.26, moving +1.4% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 1.54%.
Coming into today, shares of the mining company had gained 0.8% in the past month. In that same time, the Basic Materials sector lost 2.2%, while the S&P 500 gained 4.14%.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release. On that day, Cleveland-Cliffs is projected to report earnings of $0.70 per share, which would represent a year-over-year decline of 46.56%. Meanwhile, our latest consensus estimate is calling for revenue of $5.57 billion, down 12.13% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.05 per share and revenue of $21.38 billion, which would represent changes of -32.79% and -6.98%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 0.66% lower within the past month. Cleveland-Cliffs currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 7.35. Its industry sports an average Forward P/E of 9.26, 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 industry currently has a Zacks Industry Rank of 114, which puts it in the top 46% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
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