Cleveland-Cliffs (CLF) closed the most recent trading day at $18.03, moving -1.74% from the previous trading session. This move lagged the S&P 500's daily loss of 0.41%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq lost 4.08%.
Prior to today's trading, shares of the mining company had lost 5.31% over the past month. This has lagged the Basic Materials sector's gain of 4.47% and the S&P 500's gain of 6.51% in that time.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release, which is expected to be April 24, 2023. On that day, Cleveland-Cliffs is projected to report earnings of -$0.21 per share, which would represent a year-over-year decline of 112.28%. Meanwhile, our latest consensus estimate is calling for revenue of $5.17 billion, down 13.18% from the prior-year quarter.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $2.06 per share and revenue of $20.73 billion. These results would represent year-over-year changes of -32.46% and -9.83%, respectively.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's 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 has moved 21.66% higher within the past month. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Cleveland-Cliffs is holding a Forward P/E ratio of 8.93. This valuation marks a discount compared to its industry's average Forward P/E of 10.49.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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