In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $12.66, marking a -1.37% move from the previous day. This change lagged the S&P 500's 0% on the day. Meanwhile, the Dow gained 0.07%, and the Nasdaq, a tech-heavy index, added 0.06%.
Prior to today's trading, shares of the mining company had gained 31.35% over the past month. This has outpaced the Basic Materials sector's loss of 0.97% and the S&P 500's gain of 0.78% in that time.
Investors will be hoping for strength from CLF as it approaches its next earnings release, which is expected to be October 19, 2018. The company is expected to report EPS of $0.70, up 94.44% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $731.73 million, up 4.77% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.75 per share and revenue of $2.42 billion, which would represent changes of +250% and +3.88%, respectively, from the prior year.
Any recent changes to analyst estimates for CLF should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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. Within the past 30 days, our consensus EPS projection has moved 0.12% higher. CLF is currently a Zacks Rank #1 (Strong Buy).
In terms of valuation, CLF is currently trading at a Forward P/E ratio of 7.35. This valuation marks a discount compared to its industry's average Forward P/E of 11.89.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 34% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.