Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $12.36, moving +0.57% from the previous trading session. This change outpaced the S&P 500's 0.55% loss on the day. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 1.16%.
Prior to today's trading, shares of the mining company had gained 18.4% over the past month. This has outpaced the Basic Materials sector's gain of 2.39% and the S&P 500's gain of 0.37% 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 $0.65, up 80.56% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $723.70 million, up 3.62% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.72 per share and revenue of $2.41 billion, which would represent changes of +244% and +3.59%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for CLF. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Within the past 30 days, our consensus EPS projection has moved 2.18% lower. CLF currently has a Zacks Rank of #3 (Hold).
Investors should also note CLF's current valuation metrics, including its Forward P/E ratio of 7.14. This represents a discount compared to its industry's average Forward P/E of 11.92.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 158, which puts it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.