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The latest trading session saw Cleveland-Cliffs (CLF) ending at $10.06, denoting a +0.2% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 1.78%. Elsewhere, the Dow saw a downswing of 0.99%, while the tech-heavy Nasdaq depreciated by 2.61%.
Prior to today's trading, shares of the mining company had lost 4.02% over the past month. This has lagged the Basic Materials sector's loss of 0.13% and the S&P 500's loss of 3.48% in that time.
The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is expected to report EPS of -$0.38, down 311.11% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $4.74 billion, down 8.84% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.48 per share and revenue of $20.15 billion. These totals would mark changes of +34.25% and +5.04%, respectively, from last 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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, 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, there's been a 25.57% fall in the Zacks Consensus EPS estimate. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 159, finds itself in the bottom 37% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.