In the latest market close, Cleveland-Cliffs (CLF – Free Report) reached $9.30, with a +0.65% movement compared to the previous day. The stock’s change was more than the S&P 500’s daily loss of 1.07%. Meanwhile, the Dow experienced a drop of 0.97%, and the technology-dominated Nasdaq saw a decrease of 1.19%.
The mining company’s stock has dropped by 25.78% in the past month, falling short of the Basic Materials sector’s loss of 8.9% and the S&P 500’s loss of 0.36%.
The investment community will be closely monitoring the performance of Cleveland-Cliffs in its forthcoming earnings report. The company’s earnings per share (EPS) are projected to be -$0.50, reflecting a 900% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $4.41 billion, down 13.71% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.52 per share and a revenue of $19.52 billion, signifying shifts of -148.6% and -11.24%, respectively, from the last year.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 15.44% decrease. Right now, Cleveland-Cliffs possesses a Zacks Rank of #5 (Strong Sell).
The Mining – Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 149, which puts it in the bottom 41% of all 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.
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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