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Cleveland-Cliffs (CLF) closed at $15.09 in the latest trading session, marking a -0.07% move from the prior day. This move was narrower than the S&P 500's daily loss of 0.92%. At the same time, the Dow lost 0.62%, and the tech-heavy Nasdaq gained 0.05%.
Prior to today's trading, shares of the mining company had lost 16.76% over the past month. This has was narrower than the Basic Materials sector's loss of 22.01% and lagged the S&P 500's loss of 1% in that time.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release, which is expected to be July 22, 2022. On that day, Cleveland-Cliffs is projected to report earnings of $1.34 per share, which would represent a year-over-year decline of 8.22%. Meanwhile, our latest consensus estimate is calling for revenue of $6.1 billion, up 20.86% from the prior-year quarter.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $5.06 per share and revenue of $23.87 billion. These results would represent year-over-year changes of -13.8% and +16.75%, respectively.
Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-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. 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. The Zacks Consensus EPS estimate has moved 13.44% lower within the past month. Cleveland-Cliffs currently has a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Cleveland-Cliffs is holding a Forward P/E ratio of 2.99. This represents a discount compared to its industry's average Forward P/E of 7.45.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 180, putting it in the bottom 29% 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.
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ClevelandCliffs Inc. (CLF) : Free Stock Analysis Report
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