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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $17.19, marking a -0.41% move from the previous day. This change lagged the S&P 500's daily gain of 0.09%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq lost 2.51%.
Prior to today's trading, shares of the mining company had lost 3.47% over the past month. This has lagged the Basic Materials sector's gain of 7.78% and the S&P 500's gain of 6.17% in that time.
Wall Street will be looking for positivity from Cleveland-Cliffs as it approaches its next earnings report date. This is expected to be April 24, 2023. On that day, Cleveland-Cliffs is projected to report earnings of -$0.23 per share, which would represent a year-over-year decline of 113.45%. Our most recent consensus estimate is calling for quarterly revenue of $5.19 billion, down 12.87% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $2.06 per share and revenue of $20.95 billion. These results would represent year-over-year changes of -32.46% and -8.89%, respectively.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 16.01% higher. Cleveland-Cliffs is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 8.39. For comparison, its industry has an average Forward P/E of 10.38, which means Cleveland-Cliffs is trading at a discount to the group.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 161, putting it in the bottom 37% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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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 $17.19, marking a -0.41% move from the previous day. This change lagged the S&P 500's daily gain of 0.09%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq lost 2.51%.
Prior to today's trading, shares of the mining company had lost 3.47% over the past month. This has lagged the Basic Materials sector's gain of 7.78% and the S&P 500's gain of 6.17% in that time.
Wall Street will be looking for positivity from Cleveland-Cliffs as it approaches its next earnings report date. This is expected to be April 24, 2023. On that day, Cleveland-Cliffs is projected to report earnings of -$0.23 per share, which would represent a year-over-year decline of 113.45%. Our most recent consensus estimate is calling for quarterly revenue of $5.19 billion, down 12.87% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $2.06 per share and revenue of $20.95 billion. These results would represent year-over-year changes of -32.46% and -8.89%, respectively.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 16.01% higher. Cleveland-Cliffs is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 8.39. For comparison, its industry has an average Forward P/E of 10.38, which means Cleveland-Cliffs is trading at a discount to the group.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 161, putting it in the bottom 37% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.