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MARKETS LIVE BLOG:

S&P 500 SLIPS BELOW 5,000; NASDAQ SINKS ON NETFLIX DRAG

Fed's Goolsbee says 'It makes sense to wait' before cutting rates

Cleveland-Cliffs (CLF) Dips More Than Broader Markets: What You Should Know

Zacks Equity Research
·3 min read

Cleveland-Cliffs (CLF) closed at $16.36 in the latest trading session, marking a -0.73% move from the prior day. This change lagged the S&P 500's 0.3% loss on the day. Elsewhere, the Dow lost 0.2%, while the tech-heavy Nasdaq lost 0.1%.

Heading into today, shares of the mining company had lost 32.93% over the past month, lagging the Basic Materials sector's loss of 12.25% and the S&P 500's loss of 0.62% in that time.

Investors will be hoping for strength from Cleveland-Cliffs as it approaches its next earnings release. In that report, analysts expect Cleveland-Cliffs to post earnings of $1.40 per share. This would mark a year-over-year decline of 4.11%. Our most recent consensus estimate is calling for quarterly revenue of $6.08 billion, up 20.6% from the year-ago period.

CLF's full-year Zacks Consensus Estimates are calling for earnings of $5.50 per share and revenue of $23.94 billion. These results would represent year-over-year changes of -6.3% and +17.12%, respectively.

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It is also important to note the recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.2% lower within the past month. Cleveland-Cliffs is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that Cleveland-Cliffs has a Forward P/E ratio of 3 right now. This represents a discount compared to its industry's average Forward P/E of 6.86.

The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 149, which puts it in the bottom 42% of all 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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Zacks Investment Research