Yahoo Finance Cleveland-Cliffs (CLF) Rises Higher Than Market: Key Facts
Cleveland-Cliffs (CLF) closed at $15.40 in the latest trading session, marking a +1.45% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.02%. At the same time, the Dow added 1.09%, and the tech-heavy Nasdaq gained 1.18%.
The mining company's stock has climbed by 0.33% in the past month, exceeding the Basic Materials sector's loss of 3.78% and lagging the S&P 500's gain of 4.44%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to go public on July 22, 2024. In that report, analysts expect Cleveland-Cliffs to post earnings of $0 per share. This would mark a year-over-year decline of 100%. Simultaneously, our latest consensus estimate expects the revenue to be $5.24 billion, showing a 12.45% drop compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.34 per share and a revenue of $20.92 billion, signifying shifts of -68.22% and -4.9%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 50% downward. Cleveland-Cliffs currently has a Zacks Rank of #4 (Sell).
In the context of valuation, Cleveland-Cliffs is at present trading with a Forward P/E ratio of 45.31. This signifies a premium in comparison to the average Forward P/E of 15.29 for its industry.
Investors should also note that CLF has a PEG ratio of 1.02 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. CLF's industry had an average PEG ratio of 2.61 as of yesterday's close.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 179, placing it within the bottom 29% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the 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
