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Cleveland-Cliffs (CLF) Gains But Lags Market: What You Should Know
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In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $16.82, marking a +0.36% move from the previous day. The stock lagged the S&P 500's daily gain of 0.39%.
Heading into today, shares of the mining company had gained 1.76% over the past month, lagging the Basic Materials sector's gain of 2.31% and the S&P 500's gain of 3.16% in that time.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release, which is expected to be July 24, 2023. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.73 per share. This would mark a year-over-year decline of 44.27%. Meanwhile, our latest consensus estimate is calling for revenue of $5.57 billion, down 12.16% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.02 per share and revenue of $21.42 billion, which would represent changes of -33.77% and -6.83%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 6.77% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 8.3. For comparison, its industry has an average Forward P/E of 10.02, which means Cleveland-Cliffs is trading at a discount to the group.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 193, which puts it in the bottom 24% 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.
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Cleveland-Cliffs (CLF) Gains But Lags Market: What You Should Know
In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $16.82, marking a +0.36% move from the previous day. The stock lagged the S&P 500's daily gain of 0.39%.
Heading into today, shares of the mining company had gained 1.76% over the past month, lagging the Basic Materials sector's gain of 2.31% and the S&P 500's gain of 3.16% in that time.
Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release, which is expected to be July 24, 2023. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.73 per share. This would mark a year-over-year decline of 44.27%. Meanwhile, our latest consensus estimate is calling for revenue of $5.57 billion, down 12.16% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.02 per share and revenue of $21.42 billion, which would represent changes of -33.77% and -6.83%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 6.77% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 8.3. For comparison, its industry has an average Forward P/E of 10.02, which means Cleveland-Cliffs is trading at a discount to the group.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 193, which puts it in the bottom 24% 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.