Cleveland-Cliffs (CLF) Stock Moves -0.66%: What You Should Know
Cleveland-Cliffs (CLF) ended the recent trading session at $19.64, demonstrating a -0.66% swing from the preceding day's closing price. This change was narrower than the S&P 500's daily loss of 0.8%. Meanwhile, the Dow experienced a drop of 0.76%, and the technology-dominated Nasdaq saw a decrease of 1.18%.
The the stock of mining company has risen by 11.51% in the past month, leading the Basic Materials sector's gain of 3.42% and the S&P 500's gain of 3.4%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of $0 per share. This would mark year-over-year growth of 100%. Our most recent consensus estimate is calling for quarterly revenue of $5.17 billion, up 2.46% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.99% lower. Currently, Cleveland-Cliffs is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Cleveland-Cliffs has a Forward P/E ratio of 9.5 right now. This indicates a discount in contrast to its industry's Forward P/E of 12.27.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 160, which puts it in the bottom 37% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
