Cleveland-Cliffs (CLF) closed the most recent trading day at $9.29, moving -1.38% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 1.77%. At the same time, the Dow added 1.42%, and the tech-heavy Nasdaq gained 2.28%.

Prior to today's trading, shares of the mining company had lost 17% over the past month. This has lagged the Basic Materials sector's loss of 0.29% and the S&P 500's loss of 5.73% in that time.

Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. It is anticipated that the company will report an EPS of -$0.55, marking a 405.56% fall compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.67 billion, down 10.11% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.55 per share and revenue of $20.14 billion, indicating changes of +24.66% and +4.98%, respectively, compared to the previous year.

Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 15.41% lower. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).

The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 177, positioning it in the bottom 30% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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