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Cleveland-Cliffs (CLF) closed the most recent trading day at $9.89, moving -0.6% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.39%. Elsewhere, the Dow saw a downswing of 0.61%, while the tech-heavy Nasdaq depreciated by 0.32%.
The mining company's stock has dropped by 11.4% in the past month, falling short of the Basic Materials sector's loss of 2.52% and the S&P 500's gain of 3.6%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.44 per share. This would mark a year-over-year decline of 780%. In the meantime, our current consensus estimate forecasts the revenue to be $4.46 billion, indicating a 12.66% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.48 per share and revenue of $19.57 billion, which would represent changes of -144.86% and -11.04%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 22.36% lower. Cleveland-Cliffs is currently a Zacks Rank #5 (Strong Sell).
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 161, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
You can find more information on all of these metrics, and much more, on Zacks.com.