In the latest trading session, Cleveland-Cliffs (CLF) closed at $10.14, marking a +1.71% move from the previous day. This change outpaced the S&P 500's 0.7% gain on the day. Meanwhile, the Dow gained 0.58%, and the Nasdaq, a tech-heavy index, added 0.69%.
Heading into today, shares of the mining company had lost 14.57% over the past month, lagging the Basic Materials sector's gain of 3.33% and the S&P 500's gain of 1.95% in that time.
Investors will be hoping for strength from CLF as it approaches its next earnings release. In that report, analysts expect CLF to post earnings of -$0.09 per share. This would mark a year-over-year decline of 12.5%. Our most recent consensus estimate is calling for quarterly revenue of $122.63 million, down 48.69% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $1.60 per share and revenue of $2.28 billion. These results would represent year-over-year changes of -24.88% and -4.45%, respectively.
Any recent changes to analyst estimates for CLF should also be noted by investors. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Over the past month, the Zacks Consensus EPS estimate has moved 2.01% lower. CLF currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, CLF is holding a Forward P/E ratio of 6.23. This represents a discount compared to its industry's average Forward P/E of 12.71.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 65, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow CLF in the coming trading sessions, be sure to utilize Zacks.com.
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