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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $17.65, marking a -0.56% move from the previous day. This change lagged the S&P 500's 0.3% gain on the day. Elsewhere, the Dow gained 0.24%, while the tech-heavy Nasdaq added 0.34%.
Coming into today, shares of the mining company had lost 10.98% in the past month. In that same time, the Basic Materials sector lost 3.26%, while the S&P 500 lost 1.21%.
Wall Street will be looking for positivity from Cleveland-Cliffs as it approaches its next earnings report date. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.21 per share. This would mark a year-over-year decline of 112.28%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.09 billion, down 14.58% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $1.82 per share and revenue of $20.53 billion. These results would represent year-over-year changes of -40.33% and -10.7%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-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. 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. Within the past 30 days, our consensus EPS projection has moved 0.98% lower. Cleveland-Cliffs currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Cleveland-Cliffs has a Forward P/E ratio of 9.77 right now. Its industry sports an average Forward P/E of 9.75, so we one might conclude that Cleveland-Cliffs is trading at a premium comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.