Cleveland-Cliffs (CLF) closed the most recent trading day at $8.10, moving -1.46% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.38% for the day. Meanwhile, the Dow lost 0.03%, and the Nasdaq, a tech-heavy index, added 0.87%.
Shares of the mining company have depreciated by 18.53% over the course of the past month, underperforming the Basic Materials sector's gain of 0.05% and the S&P 500's loss of 5.59%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be -$0.60, reflecting a 433.33% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $4.67 billion, showing a 10.25% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.58 per share and revenue of $20.14 billion, which would represent changes of +20.55% and +4.98%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 21.67% lower. Right now, Cleveland-Cliffs possesses a Zacks Rank of #4 (Sell).
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 164, placing it within the bottom 35% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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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This article originally published on Zacks Investment Research (zacks.com).
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