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Cleveland-Cliffs (CLF) Declines More Than Market: Some Information for Investors
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In the latest market close, Cleveland-Cliffs (CLF - Free Report) reached $22.42, with a -1.8% movement compared to the previous day. This move lagged the S&P 500's daily loss of 1.23%. At the same time, the Dow lost 1.36%, and the tech-heavy Nasdaq lost 1.4%.
Heading into today, shares of the mining company had gained 13.64% over the past month, outpacing the Basic Materials sector's gain of 7.94% and the S&P 500's gain of 1.61% in that time.
Investors will be eagerly watching for the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 22, 2024. The company's earnings per share (EPS) are projected to be $0.28, reflecting a 354.55% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $5.25 billion, indicating a 0.76% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.84 per share and a revenue of $21.42 billion, indicating changes of +71.96% and -2.64%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.87% lower within the past month. At present, Cleveland-Cliffs boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Cleveland-Cliffs is currently exchanging hands at a Forward P/E ratio of 12.38. For comparison, its industry has an average Forward P/E of 17.17, which means Cleveland-Cliffs is trading at a discount to the group.
We can additionally observe that CLF currently boasts a PEG ratio of 0.79. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Mining - Miscellaneous industry had an average PEG ratio of 3.32 as trading concluded yesterday.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 156, positioning it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Cleveland-Cliffs (CLF) Declines More Than Market: Some Information for Investors
In the latest market close, Cleveland-Cliffs (CLF - Free Report) reached $22.42, with a -1.8% movement compared to the previous day. This move lagged the S&P 500's daily loss of 1.23%. At the same time, the Dow lost 1.36%, and the tech-heavy Nasdaq lost 1.4%.
Heading into today, shares of the mining company had gained 13.64% over the past month, outpacing the Basic Materials sector's gain of 7.94% and the S&P 500's gain of 1.61% in that time.
Investors will be eagerly watching for the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 22, 2024. The company's earnings per share (EPS) are projected to be $0.28, reflecting a 354.55% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $5.25 billion, indicating a 0.76% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.84 per share and a revenue of $21.42 billion, indicating changes of +71.96% and -2.64%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.87% lower within the past month. At present, Cleveland-Cliffs boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Cleveland-Cliffs is currently exchanging hands at a Forward P/E ratio of 12.38. For comparison, its industry has an average Forward P/E of 17.17, which means Cleveland-Cliffs is trading at a discount to the group.
We can additionally observe that CLF currently boasts a PEG ratio of 0.79. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Mining - Miscellaneous industry had an average PEG ratio of 3.32 as trading concluded yesterday.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 156, positioning it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.