The latest trading session saw Cleveland-Cliffs (CLF) ending at $13.72, denoting a +0.37% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily gain of 0.16%. Meanwhile, the Dow experienced a drop of 0.37%, and the technology-dominated Nasdaq saw an increase of 0.78%.

The mining company's stock has climbed by 7.05% in the past month, exceeding the Basic Materials sector's loss of 5.21% and the S&P 500's gain of 1.67%.

The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is slated to reveal its earnings on November 4, 2024. The company is predicted to post an EPS of -$0.30, indicating a 155.56% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $4.76 billion, reflecting a 15.02% fall from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.28 per share and a revenue of $19.99 billion, indicating changes of -126.17% and -9.14%, respectively, from the former year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 247.92% downward. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).

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 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.