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Cleveland-Cliffs (CLF) Gains As Market Dips: What You Should Know
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Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $26.06, moving +0.42% from the previous trading session. The stock outpaced the S&P 500's daily loss of 2.95%. Elsewhere, the Dow lost 2.37%, while the tech-heavy Nasdaq lost 0.33%.
Prior to today's trading, shares of the mining company had gained 37.52% over the past month. This has outpaced the Basic Materials sector's gain of 11.11% and the S&P 500's loss of 3.75% in that time.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. On that day, Cleveland-Cliffs is projected to report earnings of $1.91 per share, which would represent year-over-year growth of 445.71%. Our most recent consensus estimate is calling for quarterly revenue of $5.82 billion, up 43.62% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.88 per share and revenue of $21.28 billion. These totals would mark changes of -16.87% and +4.07%, respectively, from last year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 13.98% lower within the past month. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 5.32. This valuation marks a discount compared to its industry's average Forward P/E of 10.01.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Cleveland-Cliffs (CLF) Gains As Market Dips: What You Should Know
Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $26.06, moving +0.42% from the previous trading session. The stock outpaced the S&P 500's daily loss of 2.95%. Elsewhere, the Dow lost 2.37%, while the tech-heavy Nasdaq lost 0.33%.
Prior to today's trading, shares of the mining company had gained 37.52% over the past month. This has outpaced the Basic Materials sector's gain of 11.11% and the S&P 500's loss of 3.75% in that time.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. On that day, Cleveland-Cliffs is projected to report earnings of $1.91 per share, which would represent year-over-year growth of 445.71%. Our most recent consensus estimate is calling for quarterly revenue of $5.82 billion, up 43.62% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.88 per share and revenue of $21.28 billion. These totals would mark changes of -16.87% and +4.07%, respectively, from last year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 13.98% lower within the past month. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 5.32. This valuation marks a discount compared to its industry's average Forward P/E of 10.01.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.