Yahoo Finance Cleveland-Cliffs (CLF) Suffers a Larger Drop Than the General Market: Key Insights
In the latest market close, Cleveland-Cliffs (CLF) reached $14.74, with a -0.41% movement compared to the previous day. The stock's performance was behind the S&P 500's daily loss of 0.31%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq lost 1.09%.
The mining company's stock has dropped by 12.48% in the past month, falling short of the Basic Materials sector's loss of 6.38% and the S&P 500's gain of 2.73%.
Investors will be eagerly watching for the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.04, showcasing a 94.2% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $5.28 billion, indicating a 11.8% decrease compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.48 per share and a revenue of $21.05 billion, indicating changes of -55.14% and -4.29%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, 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. Within the past 30 days, our consensus EPS projection has moved 49.12% lower. Right now, Cleveland-Cliffs possesses a Zacks Rank of #4 (Sell).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 30.62. This indicates a premium in contrast to its industry's Forward P/E of 16.27.
We can also see that CLF currently has a PEG ratio of 0.66. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Mining - Miscellaneous industry held an average PEG ratio of 2.51.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 201, putting it in the bottom 21% of all 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
