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Cleveland-Cliffs (CLF) Increases Despite Market Slip: Here's What You Need to Know
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The most recent trading session ended with Cleveland-Cliffs (CLF - Free Report) standing at $22.30, reflecting a +1.78% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a loss of 0.95% for the day. Elsewhere, the Dow lost 1.09%, while the tech-heavy Nasdaq lost 0.84%.
Shares of the mining company have appreciated by 7.03% over the course of the past month, outperforming the Basic Materials sector's gain of 4.98% and the S&P 500's gain of 1.78%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is slated to reveal its earnings 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. Alongside, our most recent consensus estimate is anticipating revenue of $5.25 billion, indicating a 0.76% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $1.84 per share and a revenue of $21.42 billion, demonstrating changes of +71.96% and -2.64%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 5.44% lower. Cleveland-Cliffs presently features a Zacks Rank of #3 (Hold).
Investors should also note Cleveland-Cliffs's current valuation metrics, including its Forward P/E ratio of 11.88. This represents a discount compared to its industry's average Forward P/E of 16.79.
Also, we should mention that CLF has a PEG ratio of 0.76. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Mining - Miscellaneous industry had an average PEG ratio of 3.34.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Cleveland-Cliffs (CLF) Increases Despite Market Slip: Here's What You Need to Know
The most recent trading session ended with Cleveland-Cliffs (CLF - Free Report) standing at $22.30, reflecting a +1.78% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a loss of 0.95% for the day. Elsewhere, the Dow lost 1.09%, while the tech-heavy Nasdaq lost 0.84%.
Shares of the mining company have appreciated by 7.03% over the course of the past month, outperforming the Basic Materials sector's gain of 4.98% and the S&P 500's gain of 1.78%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is slated to reveal its earnings 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. Alongside, our most recent consensus estimate is anticipating revenue of $5.25 billion, indicating a 0.76% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $1.84 per share and a revenue of $21.42 billion, demonstrating changes of +71.96% and -2.64%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 5.44% lower. Cleveland-Cliffs presently features a Zacks Rank of #3 (Hold).
Investors should also note Cleveland-Cliffs's current valuation metrics, including its Forward P/E ratio of 11.88. This represents a discount compared to its industry's average Forward P/E of 16.79.
Also, we should mention that CLF has a PEG ratio of 0.76. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Mining - Miscellaneous industry had an average PEG ratio of 3.34.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.