In the latest close session, Cleveland-Cliffs (CLF) was up +1.98% at $14.43. The stock outperformed the S&P 500, which registered a daily gain of 0.41%. On the other hand, the Dow registered a gain of 1.73%, and the technology-centric Nasdaq decreased by 0.09%.
Heading into today, shares of the mining company had gained 26.91% over the past month, outpacing the Basic Materials sector's gain of 3.22% and the S&P 500's gain of 4.59%.
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 -$0.14 per share. This would mark year-over-year growth of 72%. Alongside, our most recent consensus estimate is anticipating revenue of $5.21 billion, indicating a 5.49% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.46 per share and revenue of $20.38 billion, which would represent changes of +81.45% and +9.53%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Cleveland-Cliffs boasts a Zacks Rank of #4 (Sell).
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 78, finds itself in the top 32% echelons 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).