Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know
The latest trading session saw Cleveland-Cliffs (CLF) ending at $18.59, denoting a -0.48% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.57% for the day. Elsewhere, the Dow saw an upswing of 0.46%, while the tech-heavy Nasdaq appreciated by 0.75%.
Shares of the mining company have appreciated by 8.23% over the course of the past month, outperforming the Basic Materials sector's gain of 2.16% 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. The company plans to announce its earnings on January 29, 2024. The company is expected to report EPS of $0, up 100% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $5.17 billion, showing a 2.46% escalation compared to the year-ago quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.05% lower. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).
In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 8.8. This indicates a discount in contrast to its industry's Forward P/E of 12.21.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 164, positioning it in the bottom 35% 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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Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
