Steelmaker Cleveland-Cliffs reported narrower-than-expected third-quarter loss.
The company posted a quarterly net loss of -2 cents a share, compared to net income of 33 cents in the year-earlier period. The result was better compared to the net loss of -10 cents a share that analysts surveyed by FactSet had expected.
Revenue for the quarter tripled to $1.65 billion, from $555.6 million. FactSet analysts had expected $1.6 billion.
According to the company, its main market which is the automotive industry underwent "unprecedented shutdowns" in the previous quarter, but Cleveland-Cliffs prepared its inventories for recovery.
In September, Cleveland-Cliffs agreed to buy the U.S. operations of Luxembourg-based steel-and-mining company ArcelorMittal for $1.4 billion in cash and stock. The deal would make the company the largest producer of iron ore pellets.
The Moving Average Convergence Divergence (MACD) for CLF turned positive on March 21, 2024. Looking at past instances where CLF's MACD turned positive, the stock continued to rise in of 52 cases over the following month. The odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on March 19, 2024. You may want to consider a long position or call options on CLF as a result. In of 77 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where CLF advanced for three days, in of 321 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 214 cases where CLF Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The RSI Indicator has been in the overbought zone for 1 day. Expect a price pull-back in the near future.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 5 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CLF declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
CLF broke above its upper Bollinger Band on March 28, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. CLF’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Seasonality Score of (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 68, placing this stock slightly better than average.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (1.437) is normal, around the industry mean (1.414). P/E Ratio (29.154) is within average values for comparable stocks, (17.342). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (4.440). CLF has a moderately low Dividend Yield (0.000) as compared to the industry average of (0.045). P/S Ratio (0.528) is also within normal values, averaging (3.618).
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a miner of iron ore
Industry Steel