In the latest trading session, Cleveland-Cliffs (CLF) closed at $12.28, marking a -1.13% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.06%. Meanwhile, the Dow gained 1.18%, and the Nasdaq, a tech-heavy index, added 1.4%.
Heading into today, shares of the mining company had lost 1.82% over the past month, lagging the Basic Materials sector's gain of 12.41% and the S&P 500's gain of 2.46%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is predicted to post an EPS of $0.25, indicating a 155.56% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $5.6 billion, indicating a 18.28% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.12 per share and a revenue of $21.09 billion, indicating changes of +95.16% and +13.34%, respectively, from the former year.
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. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.68% lower. Cleveland-Cliffs currently has a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 98, placing it within the top 40% of over 250 industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).