In the latest close session, Cleveland-Cliffs (CLF) was down 2.64% at $13.27. The stock's performance was behind the S&P 500's daily loss of 0.57%. On the other hand, the Dow registered a gain of 0.64%, and the technology-centric Nasdaq decreased by 1.15%.
The mining company's shares have seen an increase of 27.86% over the last month, surpassing the Basic Materials sector's gain of 3.28% and the S&P 500's gain of 2.14%.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. On that day, Cleveland-Cliffs is projected to report earnings of -$0.13 per share, which would represent year-over-year growth of 74%. At the same time, our most recent consensus estimate is projecting a revenue of $5.21 billion, reflecting a 5.57% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.39 per share and revenue of $20.44 billion, indicating changes of +84.27% and +9.85%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 13.79% higher within the past month. As of now, Cleveland-Cliffs holds 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 47, placing it within the top 20% of over 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).