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Here's Why Cleveland-Cliffs (CLF) Fell More Than Broader Market
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The most recent trading session ended with Cleveland-Cliffs (CLF - Free Report) standing at $20.30, reflecting a -1.98% shift from the previouse trading day's closing. This change lagged the S&P 500's daily loss of 0.17%. At the same time, the Dow lost 0.06%, and the tech-heavy Nasdaq lost 0.55%.
Heading into today, shares of the mining company had gained 2.88% over the past month, outpacing the Basic Materials sector's loss of 0.03% and lagging the S&P 500's gain of 3.98% in that time.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. On that day, Cleveland-Cliffs is projected to report earnings of $0.34 per share, which would represent year-over-year growth of 409.09%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.29 billion, down 0.14% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.95 per share and a revenue of $21.57 billion, demonstrating changes of +82.24% and -1.95%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Cleveland-Cliffs. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 13.1% lower. Cleveland-Cliffs is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Cleveland-Cliffs is currently being traded at a Forward P/E ratio of 10.64. For comparison, its industry has an average Forward P/E of 13.02, which means Cleveland-Cliffs is trading at a discount to the group.
We can also see that CLF currently has a PEG ratio of 0.68. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Miscellaneous industry currently had an average PEG ratio of 2.35 as of yesterday's close.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 147, placing it within the bottom 42% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Here's Why Cleveland-Cliffs (CLF) Fell More Than Broader Market
The most recent trading session ended with Cleveland-Cliffs (CLF - Free Report) standing at $20.30, reflecting a -1.98% shift from the previouse trading day's closing. This change lagged the S&P 500's daily loss of 0.17%. At the same time, the Dow lost 0.06%, and the tech-heavy Nasdaq lost 0.55%.
Heading into today, shares of the mining company had gained 2.88% over the past month, outpacing the Basic Materials sector's loss of 0.03% and lagging the S&P 500's gain of 3.98% in that time.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. On that day, Cleveland-Cliffs is projected to report earnings of $0.34 per share, which would represent year-over-year growth of 409.09%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.29 billion, down 0.14% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.95 per share and a revenue of $21.57 billion, demonstrating changes of +82.24% and -1.95%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Cleveland-Cliffs. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 13.1% lower. Cleveland-Cliffs is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Cleveland-Cliffs is currently being traded at a Forward P/E ratio of 10.64. For comparison, its industry has an average Forward P/E of 13.02, which means Cleveland-Cliffs is trading at a discount to the group.
We can also see that CLF currently has a PEG ratio of 0.68. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Miscellaneous industry currently had an average PEG ratio of 2.35 as of yesterday's close.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 147, placing it within the bottom 42% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.