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Public Employees Retirement System of Ohio purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 161,338 shares of the mining company’s stock, valued at approximately $1,515,000.

A number of other hedge funds have also added to or reduced their stakes in CLF. BlackRock Inc. purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth about $522,766,000. State Street Corp increased its position in shares of Cleveland-Cliffs by 14.2% during the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after buying an additional 3,632,150 shares during the period. Castle Hook Partners LP raised its stake in Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after buying an additional 15,393,507 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after buying an additional 925,031 shares during the period. Finally, Maple Rock Capital Partners Inc. lifted its holdings in Cleveland-Cliffs by 90.1% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after buying an additional 5,855,830 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 0.1% Cleveland-Cliffs stock opened at $12.49 on Tuesday. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of -7.71 and a beta of 2.10. The stock has a fifty day simple moving average of $11.07 and a two-hundred day simple moving average of $10.71. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the company posted ($0.50) earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year. Analyst Upgrades and Downgrades Several analysts have weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their target price for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Bank of America dropped their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Finally, Wells Fargo & Company upped their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, August 24th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $11.76.

Read Our Latest Report on CLF

Cleveland-Cliffs Company Profile (Free Report)

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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Cleveland-Cliffs is North America's largest flat-rolled steel producer, trading at a discount despite recent EBITDA growth and strong automotive contracts. CLF's upside case hinges on contract resets and undisclosed Stelco earnings, but consensus may overstate 2027 FCF by crediting unproven contributions. Management prioritizes deleveraging over capital returns, with buybacks on hold and all free cash flow directed to reducing leverage below 2.5x.

Cleveland-Cliffs (CLF - Free Report) ended the recent trading session at $11.52, demonstrating a +1.95% change from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.32%. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 0.66%.

The mining company's stock has dropped by 7.76% in the past month, falling short of the Basic Materials sector's gain of 15.1% and the S&P 500's gain of 3.34%.

The upcoming earnings release of Cleveland-Cliffs will be of great interest to investors. The company is predicted to post an EPS of $0.25, indicating a 155.56% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $5.6 billion, up 18.28% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.12 per share and a revenue of $21.09 billion, signifying shifts of +95.16% and +13.34%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 last 30 days, the Zacks Consensus EPS estimate has moved 28.13% higher. Cleveland-Cliffs is holding a Zacks Rank of #3 (Hold) right now.

The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 157, finds itself in the bottom 37% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CLF in the coming trading sessions, be sure to utilize Zacks.com.

Cleveland-Cliffs (CLF) is upgraded to a small Buy, capitalizing on improved fundamentals and a disconnect between price and operational progress. CLF's Q2 EBITDA tripled sequentially, FCF turned positive, and Q3 guidance doubled, yet the market undervalues its domestic exposure and recovery momentum. Tariff risks and auto sector reliance weigh on CLF, but 85% of its business benefits from a tight U.S. steel market, offering substantial upside if prices remain elevated.

Key Takeaways Cleveland-Cliffs will invest $1 billion to modernize Middletown Works with $500 million from the DOE. The revised plan upgrades the coal-fired blast furnace instead of pursuing hydrogen-ready steelmaking. CLF will add AI process controls, advanced material handling and systems to convert mill gases into power. Cleveland-Cliffs Inc. (CLF - Free Report)  has announced a $1 billion investment to modernize its Middletown Works facility in Ohio, supported by a $500 million award from the U.S. Department of Energy (“DOE”). Under the revised framework, Cleveland-Cliffs and the DOE will each fund $500 million of the project. The investment is expected to be deployed over the next four years while maintaining uninterrupted steel production at the facility. 

The project represents a rescoping of the company’s previously planned decarbonization initiative at Middletown Works. Cleveland-Cliffs determined that the original project, which involved replacing the existing blast furnace with a hydrogen-ready direct reduced iron plant and electric melting furnaces, was no longer commercially viable because customers were unwilling to pay a premium for lower-carbon steel. The revised plan instead focuses on improving the efficiency and productivity of the existing coal-fired blast furnace. 

Key investments will include rebuilding and upgrading the plant’s main blast furnace, installing advanced material-handling infrastructure and deploying artificial intelligence-enabled process-control technologies.  

The project will also include an on-site facility to convert steel mill process gases into electricity, while follow-on investments are expected to convert industrial byproducts into materials for concrete used in regional infrastructure. 

The investment is expected to begin in the coming weeks, with the blast furnace rebuild targeted for completion in the first quarter of 2030. The project is expected to protect approximately 2,300 jobs and support more than 1,500 workers at peak construction, including local union building trades. Middletown Works is a key supplier of automotive-grade steel and serves customers across the automotive, heating and cooling, appliance and steel-distribution industries. 

Per CLF, the investment will strengthen Middletown Works as a premier domestic steelmaking facility by improving operating efficiency, maintaining high-quality steel production and reinforcing the U.S. steel supply chain.

The company views the project as a significant reinvestment in its Ohio operations and an important step toward securing the facility’s long-term competitiveness while supporting American manufacturing and employment. 

Price Performance of CLFShares of CLF are up 7.4% over the past year compared with the industry’s 65.1% rise.

Image Source: Zacks Investment Research

CLF’s Zacks Rank & Key PicksCLF carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Worthington Steel, Inc. (WS - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Avient Corporation (AVNT - Free Report) . WS currently sports a Zacks Rank #1 (Strong Buy), while CRS and AVNT carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for WS’ current-year earnings is $3.40 per share, implying a 52.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 13.8%.

The Zacks Consensus Estimate for CRS’ current fiscal-year earnings is pegged at $13.08 per share, implying a 21.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 8.4%.

The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.20 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 3.4%.

Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”)today announced that the U.S. Department of Energy (DOE) has established a framework for Cliffs to finalize nego

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today announced that the U.S. Department of Energy (DOE) has established a framework for Cliffs to finalize negotiations and implementation plans for its Middletown Works investment, rescoping the previously awarded $500 million DOE grant. The optimization project represents a $1 billion total investment in Middletown Works, with funding shared equally between Cleveland-Cliffs and the DOE. The investment is expected to be.

Cleveland-Cliffs Inc. (CLF - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLF's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross."

Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.

Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

Over the past four weeks, CLF has gained 18%. The company currently sits at a #2 (Buy) on the Zacks Rank, also indicating that the stock could be poised for a breakout.

The bullish case solidifies once investors consider CLF's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 4 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.

Investors may want to watch CLF for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

Posted by Defense World Staff on Jul 27th, 2026

Entropy Technologies LP boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 439.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 255,147 shares of the mining company’s stock after acquiring an additional 207,883 shares during the period. Entropy Technologies LP’s holdings in Cleveland-Cliffs were worth $2,156,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares in the last quarter. State Street Corp boosted its position in shares of Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after purchasing an additional 3,632,150 shares during the period. Castle Hook Partners LP grew its stake in Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after buying an additional 15,393,507 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after buying an additional 925,031 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. grew its stake in Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after buying an additional 5,855,830 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Up 0.0% NYSE:CLF opened at $11.94 on Monday. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The stock’s 50 day simple moving average is $11.29 and its 200-day simple moving average is $11.01. The firm has a market cap of $6.81 billion, a P/E ratio of -7.37 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the company earned ($0.50) earnings per share. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.15 EPS for the current year.

Key Headlines Impacting Cleveland-Cliffs Here are the key news stories impacting Cleveland-Cliffs this week:

Positive Sentiment: Cleveland-Cliffs posted Q2 results that beat expectations on both earnings and revenue, helped by stronger steel pricing that improved margins even as shipment volumes declined. CLF Q2 Earnings and Sales Beat Estimates on Higher Steel Pricing Positive Sentiment: The company reported a sharp jump in adjusted EBITDA, returned to positive free cash flow, and gave a notably optimistic outlook, with investors focusing on the prospect of stronger profitability ahead. Cleveland-Cliffs Inc (CLF) Q2 2026 Earnings Call Highlights: Strong EBITDA Growth and Positive … Positive Sentiment: Several analysts turned more constructive, including Glj Research upgrading the stock to buy and lifting its price target, which added to the bullish sentiment around the name. Cleveland-Cliffs upgraded by Glj Research Positive Sentiment: Trading activity was also supportive, with reports of unusual call-option buying and multiple articles highlighting CLF as a momentum stock with value appeal. Neutral Sentiment: Wells Fargo raised its price target but kept an “equal weight” rating, suggesting some upside remains but not a full endorsement of the rally. Wells Fargo price target raised on CLF Neutral Sentiment: The company also announced a leadership change, promoting CFO Celso Goncalves to President and CFO, which is more of a governance update than a direct earnings driver. Cleveland-Cliffs Announces Promotion of Chief Financial Officer Negative Sentiment: Not all analyst commentary was supportive: one report said brokerage consensus remains “Reduce,” and another noted Wells Fargo’s new target is still below the current share price, reflecting lingering skepticism about the stock’s valuation and durability of the rebound. Wall Street Analysts Forecast Growth A number of equities research analysts have weighed in on the company. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday. JPMorgan Chase & Co. cut their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Barclays upped their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.86.

Get Our Latest Stock Report on CLF

Cleveland-Cliffs Profile (Free Report)

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

Featured Stories Five stocks we like better than Cleveland-Cliffs RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding CLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cleveland-Cliffs Inc. (NYSE:CLF – Free Report).

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Key Takeaways Cleveland-Cliffs posted a narrower Q2 loss as revenues rose 5.9% on higher steel pricing.Average steel selling price climbed 10.7%, lifting segment cash margin to $349 million.Q3 adjusted EBITDA is seen near $575 million, with Q4 expected to come in even higher. Cleveland-Cliffs Inc. (CLF - Free Report) reported second-quarter 2026 adjusted loss of 20 cents per share, narrower than the Zacks Consensus Estimate of a loss of 21 cents and the year-ago loss of 51 cents.

Revenues rose 5.9% year over year to $5.2 billion and surpassed the consensus estimate of $5.1 billion by 1.9%. Higher steel pricing supported the top line and margin improvement, although steel shipment volumes declined from the prior-year quarter.

Consolidated cost of goods sold declined to $5.1 billion from $5.15 billion a year earlier. Selling, general and administrative expenses rose to $154 million from $137 million, while restructuring and other charges decreased to $3 million from $86 million.

CLF's Operational HighlightsSteelmaking revenues increased 5.9% year over year to $5.05 million from $4.8 billion. The segment generated a cash margin of $349 million, up sharply from $138 million in the year-ago quarter, reflecting stronger selling prices and improved cost performance.

The average net selling price per net ton of steel products was $1,124, up 10.7% from $1,015 a year earlier. The metric was above the consensus estimate of $1,109. 

External sales volumes for steel products totaled 4.025 million net tons, down 6.2% from 4.290 million net tons in the prior-year quarter. The figure missed the consensus estimate of 4.11 million net tons.

Financial Position of CLFCleveland-Cliffs ended the second quarter with cash and cash equivalents of $70 million, up from $57 million at the end of 2025. Long-term debt stood at $7.7 billion compared with $7.3 billion as of Dec. 31, 2025. The company had total liquidity of $3.1 billion as of June 30, 2026.

CLF's OutlookCleveland-Cliffs expects third-quarter 2026 adjusted EBITDA of approximately $575 million, more than double the second-quarter result. Management also expects fourth-quarter EBITDA to exceed its third-quarter guidance as average selling prices, shipment volumes and costs continue to move in a favorable direction.

CLF maintained its full-year 2026 steel shipment guidance of approximately 16.5-17 million net tons. The company continues to project capital expenditures of about $700 million, SG&A expenses of approximately $575 million and depreciation, depletion and amortization of roughly $1.1 billion.

Cash pension and other post-employment benefit payments and contributions remain projected at approximately $125 million. Management expects second-half earnings performance to be the company’s strongest since 2021 and believes it can reach its leverage target of less than 2.5 times debt to EBITDA by this time next year.

CLF’s Stock Price PerformanceCLF’s shares have lost 4.2% in the past year against the industry’s rise of 60.9%.

Image Source: Zacks Investment Research

CLF’s Zacks Rank & Other Key PicksCLF currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Kronos Worldwide, Inc. (KRO - Free Report) and Avient Corporation (AVNT - Free Report) .

Carpenter Technology is slated to report fourth-quarter fiscal 2026 results on July 30. The Zacks Consensus Estimate for earnings is pegged at $10.58 per share, indicating 41.44% year-over-year growth. CRS sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. 

Kronos is scheduled to report second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for KRO’s second-quarter loss per share is pegged at 33 cents, indicating 65.63% year-over-year growth. KRO flaunts a Zacks Rank #1 at present.

Avient is slated to report second-quarter 2026 results on Aug. 6. The consensus estimate for AVNT’s earnings per share is pegged at $3.08. AVNT presently carries a Zacks Rank #2.

© ventdusud / Getty Images

Pre-Market Stock Futures: The futures are trading higher after a dreadful day across Wall Street, when all the major indices were pounded and ended deeply in the red. Skyrocketing oil prices, rising interest rates, the highest since 2025, worries of an extended war with Iran spreading over the Middle East, and a host of other issues conspired to send stocks plummeting at the open, and they never recovered. Solid earnings, combined with massive capital expenditures, were not the answer, and by the close, all the major indices were trading off the day’s lows. Once again, the Nasdaq was the biggest loser, dropping 2.15% to finish at 25,137, while the S&P 500 finished the session at 7,408, down 1.48%. The Dow Jones Industrials closed at 51,711, down 0.97%, and the small-cap-heavy Russell 2000 fared the best, closing at 2,933, down 0.88%. With second-quarter earnings results pouring in, companies that miss expectations can count on being taken to the proverbial woodshed.

Treasury Bonds: The song remains the same for the Treasury complex, as yields soared again on Thursday amid surging oil prices, ongoing Middle East worries, and inflation, all setting the table for more selling. When the last trade was posted, the 30-year long bond ended the session at 5.17%, while the 10-year note closed at 4.70%. 

Oil and Gas: The major oil benchmarks continue their relentless move higher, and some feel that, given the current start of negotiations with Iran, the Houthis are pressuring Red Sea oil shipments, and that growing concern about overall supply could make an already bad situation really ugly fast. Brent Crude closed Thursday at $99.86, up 6.15%, while West Texas Intermediate was last seen at $91.57, up 5.46%. Natural gas closed lower at $2.92, down 0.34%. 

Gold: Surprisingly, given the overall negative sentiment and decline in stocks and bonds, Gold closed Thursday lower. Traders and sector analysts cited the stronger U.S. dollar, surging oil prices that are fanning inflation, and worries about an interest rate hike, which could come as soon as September. Gold closed Thursday at $4,048, down 1.95%, while Silver closed at $57.42, down 3.46%. 

Crypto: Cryptocurrencies declined on Thursday, July 23, 2026, as a broader risk-off move hit global and tech equities. Major digital assets faced mild selling pressure, with Bitcoin dipping below the $65,000–$66,000 range and Ethereum retreating toward $1,890. At 8 AM EDT, Bitcoin traded at $64,962, while Ethereum traded at $1,878.

24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. I would like to remind you that no single analyst report should ever be the sole basis for buying or selling a stock.

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Friday July, 24, 2026. 

Upgrades: Cleveland-Cliffs (NYSE: CLF | CLF Price Prediction) was upgraded to Neutral from Underperform by BNP Paribas, with an $11.50 target price. Digital Realty Trust (NYSE: DLR) was upgraded to Buy from Hold at TD Cowen, which has a $222 target price objective. Dover (NYSE: DOV) was upgraded to Outperform from Market Perform at BMO Capital, which trimmed the target price for the stock to $240 from $255. PayPal Holdings (NASDAQ: PYPL) was upgraded to Hold from Sell at Truist Securities, which raised the target price for the shares to $57 from $44. Progressive (NYSE: PRG) was raised to Equal Weight from Underweight at Morgan Stanley, which raised the price target to $210 from $190. Downgrades: Albertsons Companies (NYSE: ACI) was cut to Market Perform from Outperform at Telsey Advisory, which slashed the target price for the grocery giant to $13 from $22. Cheesecake Factory (NASDAQ: CAKE) was downgraded to Neutral from Outperform at Mizuho, which lifted the target price for the shares to $85 from $75. Flywire (NASDAQ: FLYW) was downgraded to Hold from Buy at Truist Securities, which trimmed the target price for the stock to $17 from $18. Penske Automotive Group (NYSE: PAG) was downgraded to Equal Weight from Overweight at Morgan Stanley, which lifted the target price for the stock to $210 from $190. Tenable Holdings (NASDAQ: TENB) was downgraded to Neutral from Buy at UBS, with a $37 target price objective. Initiations: Blue Owl Capital (NYSE: OBDC) was started with a Buy rating at Lucid Capital, with a $13 target price. Chime Financial (NASDAQ: CHYM) was initiated with a Buy rating at Freedom Capital, with a $26 target price. 
Shattuck Labs (NASDAQ: STTK) was initiated with an Overweight rating at JPMorgan, with a $10 target price. Space Exploration Technologies (NASDAQ: SPCX) was started with a Hold rating at HSBC, with a $115 target price. SunocoCorp (NYSE: SUNC) was initiated with an Outperform rating at Mizuho, which has an $83 target price. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Progressive didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Today's Change

(

15.98

%) $

1.51

Current Price

$

10.96

Cleveland-Cliffs (CLF +15.98%), an integrated flat-rolled steel and iron ore producer, closed at $10.96, up 15.98%. Quarterly results and upbeat guidance drove the gain; investors are watching second-half earnings and third-quarter adjusted EBITDA.
Trading volume reached 64.1 million shares, coming in about 223% above its three-month average of 19.8 million shares.

How the markets moved todayThe S&P 500 (^GSPC -1.21%) fell 1.21% to 7,408, and the Nasdaq Composite (^IXIC -2.15%) fell 2.15% to 25,138. Among other domestic flat-rolled steel manufacturing names, Nucor (NUE +2.23%) closed at $241.15, up 2.23%, while Steel Dynamics (STLD +0.81%) closed at $240.57, up 0.81%, highlighting firmer trading in domestic steel peers.

What this means for investorsCleveland-Cliffs confirmed today that the domestic steel market is thriving. Revenue improved both sequentially and year over year as steel pricing and demand remain strong.

Cliffs saw free cash flow turn positive with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumping from $95 million in Q1 to $286 million in Q2. Management expects it to approximately double to $575 million in the third quarter.

The company isn’t alone in seeing strength in the sector. Last week, Steel Dynamics posted strong Q2 profit and record shipments, reinforcing domestic pricing strength. Sector leader Nucor will announce its second-quarter results next week. Investors can likely expect more of the same.

Howard Smith has positions in Nucor and has the following options: short August 2026 $230 calls on Nucor, short September 2026 $195 calls on Nucor, and short September 2026 $200 calls on Nucor. The Motley Fool recommends Steel Dynamics. The Motley Fool has a disclosure policy.

Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesCleveland-Cliffs NYSE: CLF said it returned to positive free cash flow in the second quarter of 2026 and expects a substantially stronger second half of the year, driven by higher steel prices, improved automotive demand, lower costs and higher shipment volumes.

Chairman and CEO Lourenco Goncalves told analysts that the company’s second-quarter results showed “tangible evidence” of the earnings recovery management has been forecasting. Cleveland-Cliffs reported adjusted EBITDA of $286 million in the quarter, which President and CFO Celso Goncalves said was the company’s best quarterly result in two years. The figure was roughly triple the company’s first-quarter adjusted EBITDA, according to management.

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Cleveland-Cliffs Sinks After Earnings—Is the Selloff Overdone?“During the second quarter, we returned to positive free cash flow and tripled our adjusted EBITDA from the first quarter,” Lourenco Goncalves said. “While the second quarter represents meaningful progress, it still understates where this company is headed over the coming quarters.”

Company Guides for Sharp EBITDA Improvement in Third Quarter Cleveland-Cliffs issued third-quarter adjusted EBITDA guidance of approximately $575 million, which Celso Goncalves said would represent the company’s strongest quarter in three years. Management said the expected improvement reflects a convergence of higher prices, lower costs and increased shipping volumes.

Cleveland-Cliffs Breaks to New Highs on Earnings, More Upside?Second-quarter steel shipments were just over 4 million tons, down sequentially because of maintenance outages and stronger automotive demand, which management said carries longer lead times. Cleveland-Cliffs expects third-quarter shipments to exceed 4.3 million tons, citing a strong order book and extended backlogs.

Pricing also improved during the second quarter. Celso Goncalves said the company’s average selling price increased by $76 per ton from the prior quarter, helped by pricing lags beginning to flow through and a richer product mix tied to automotive demand. He said Cleveland-Cliffs expects its average selling price to rise by another $55 per ton in the third quarter.

On costs, management said maintenance outages and inventory lag lifted unit costs in the second quarter, but those headwinds are expected to ease. Celso Goncalves said unit costs are expected to decline by $10 per ton in the third quarter, while Lourenco Goncalves said further cost improvements are expected in the fourth quarter as production levels rise and mill schedules become more stable.

The company also said it expects fourth-quarter adjusted EBITDA to exceed third-quarter levels, assuming the current hot-rolled coil futures curve. Management said this expectation already factors in normal holiday-related seasonal slowdowns.

Automotive Demand Helps Lift Shipments and Product Mix Management highlighted improving automotive steel demand as a major contributor to the company’s outlook. Lourenco Goncalves said Cleveland-Cliffs’ shipments to automotive customers during the second quarter were the highest in two years. He also said finishing lines that had been running at suboptimal utilization levels over the last several years are now operating at healthier levels, with a favorable impact on costs.

Cleveland-Cliffs said it has received top supplier awards this year from both Toyota and General Motors. Lourenco Goncalves said the company remains “the supplier of choice for the automotive sector in the United States.”

During the question-and-answer session, Lourenco Goncalves said about half of the expected 300,000-ton shipment increase in the third quarter would come from the improved automotive market, with the other half coming from non-automotive flat-rolled steel.

Asked about the potential restart of the Dearborn blast furnace, Goncalves said the company has the capacity and technology to supply more automotive steel, but would need stronger conviction from automakers that production will remain in the United States. He said the Dearborn furnace represents “more than 2 million tons” of potential capacity.

Contract Resets Seen as 2027 EBITDA Opportunity Cleveland-Cliffs said upcoming fixed-price contract resets could provide a significant lift in 2027. Celso Goncalves said the company expects a $500 million year-over-year EBITDA improvement from resetting a large portion of its fixed-price contracts at higher levels.

Lourenco Goncalves said negotiations for non-automotive contracts begin in earnest in the second half of the year and typically conclude by late November or early December. He said last year’s contracts were negotiated against a much lower pricing backdrop, with prevailing prices around $800 per ton or less, compared with recent levels around $1,150 per ton or more.

“The expectation that these contracts will reset for much higher prices are just a foregone conclusion,” he said.

On automotive contracts, Goncalves said Cleveland-Cliffs plans to be more selective and seek higher prices, citing its position with U.S. automakers and tighter trade enforcement.

Debt Reduction Remains Capital Allocation Priority Celso Goncalves said Cleveland-Cliffs generated positive free cash flow in the second quarter after two years of negative free cash flow and expects the trend to continue. He said second-quarter working capital was a release of about $55 million, driven by reduced inventory and a slight build in accounts payable, partially offset by accounts receivable.

The company said it is now under contract on all major property sales, with earnest money in hand in each case. Cleveland-Cliffs expects the bulk of the $400 million in proceeds from those sales to arrive in the second half of 2026.

Management said debt paydown is the company’s top capital allocation priority. Celso Goncalves said free cash flow and asset-sale proceeds will be used to reduce debt, with the goal of reaching leverage below 2.5 times by this time next year if current market conditions hold.

“Until we get to our leverage target, we’re not going to prioritize any other type of capital allocation,” he said.

Trade Policy, Stelco and Strategic Discussions Lourenco Goncalves repeatedly emphasized the importance of U.S. trade policy, particularly Section 232, which he called “the single most effective industrial policy implemented in our country in a generation.” He credited trade enforcement with supporting domestic steel utilization, manufacturing investment and automotive reshoring.

The company also discussed Canada and Stelco, which Cleveland-Cliffs acquired. Lourenco Goncalves said Stelco’s results have improved and are contributing to the company’s second-half guidance. He said Canadian hot-rolled steel pricing has improved as the pricing gap with the U.S. has narrowed, but galvanized steel in Canada remains under pressure. He warned that the competitiveness of Stelco’s galvanizing lines in Hamilton could be at risk without further trade protections.

On strategic initiatives, Celso Goncalves said offers received for assets such as HBI and FPT have fallen short of Cleveland-Cliffs’ value threshold. He said discussions with POSCO remain friendly and ongoing, but Cleveland-Cliffs does not have a deadline and is not under pressure to complete a transaction.

The company also noted that it has begun negotiations with the United Steelworkers union to renew its collective bargaining agreement. Lourenco Goncalves said the process is off to “a constructive and productive start.”

Cleveland-Cliffs also announced that Celso Goncalves has been appointed to the company’s board of directors as president and CFO. Lourenco Goncalves said the move reflects the role Celso has already been playing and marks “the early stages of a transition in leadership,” while adding that he plans to continue leading the company for several more years.

About Cleveland-Cliffs (NYSE:CLF)Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Cleveland-Cliffs reported higher first-quarter revenue as steel demand continued to improve despite continuing global tensions.

Cleveland-Cliffs (CLF - Free Report) came out with a quarterly loss of $0.2 per share versus the Zacks Consensus Estimate of a loss of $0.21. This compares to a loss of $0.5 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this mining company would post a loss of $0.44 per share when it actually produced a loss of $0.4, delivering a surprise of +9.09%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Cleveland-Cliffs, which belongs to the Zacks Steel - Producers industry, posted revenues of $5.23 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.88%. This compares to year-ago revenues of $4.93 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Cleveland-Cliffs shares have lost about 28.8% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Cleveland-Cliffs?While Cleveland-Cliffs has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Cleveland-Cliffs was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $5.39 billion in revenues for the coming quarter and -$0.15 on $20.59 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Producers is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Nucor (NUE - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 27.

This steel company is expected to post quarterly earnings of $4.57 per share in its upcoming report, which represents a year-over-year change of +75.8%. The consensus EPS estimate for the quarter has been revised 6.3% higher over the last 30 days to the current level.

Nucor's revenues are expected to be $10.06 billion, up 19% from the year-ago quarter.

Wall Street analysts forecast that Cleveland-Cliffs (CLF - Free Report) will report quarterly loss of -$0.18 per share in its upcoming release, pointing to a year-over-year increase of 64%. It is anticipated that revenues will amount to $5.15 billion, exhibiting an increase of 4.4% compared to the year-ago quarter.

Over the last 30 days, there has been an upward revision of 45.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

With that in mind, let's delve into the average projections of some Cleveland-Cliffs metrics that are commonly tracked and projected by analysts on Wall Street.

Based on the collective assessment of analysts, 'Revenues- Other Businesses' should arrive at $170.67 million. The estimate indicates a change of +4.7% from the prior-year quarter.

The average prediction of analysts places 'Revenues- Steelmaking' at $4.99 billion. The estimate suggests a change of +4.6% year over year.

Analysts forecast 'Revenues- Steelmaking- Stainless and electrical steel' to reach $424.94 million. The estimate suggests a change of -2.1% year over year.

The consensus among analysts is that 'Revenues- Steelmaking- Plate steel' will reach $282.19 million. The estimate indicates a change of +2.6% from the prior-year quarter.

It is projected by analysts that the 'Revenues- Steelmaking- Other' will reach $418.00 million. The estimate indicates a year-over-year change of +0.2%.

The collective assessment of analysts points to an estimated 'External Sales Volumes - Total steel Products' of 4105 thousands of tons. Compared to the present estimate, the company reported 4290 thousands of tons in the same quarter last year.

Analysts expect 'Average net selling price per net ton of steel products' to come in at $1109.49 . The estimate is in contrast to the year-ago figure of $1015.00 .

According to the collective judgment of analysts, 'Steel shipments by product - Coated steel' should come in at 1269 thousands of tons. The estimate is in contrast to the year-ago figure of 1142 thousands of tons.

The consensus estimate for 'Steel shipments by product - Plate' stands at 203 thousands of tons. The estimate compares to the year-ago value of 217 thousands of tons.

Analysts predict that the 'Steel shipments by product - Cold-rolled steel' will reach 660 thousands of tons. Compared to the current estimate, the company reported 627 thousands of tons in the same quarter of the previous year.

Analysts' assessment points toward 'Steel shipments by product - Hot-rolled steel' reaching 1787 thousands of tons. Compared to the present estimate, the company reported 1727 thousands of tons in the same quarter last year.

The combined assessment of analysts suggests that 'Steel shipments by product - Stainless and electrical steel' will likely reach 132 thousands of tons. The estimate compares to the year-ago value of 135 thousands of tons.

View all Key Company Metrics for Cleveland-Cliffs here>>>

Over the past month, shares of Cleveland-Cliffs have returned -24.4% versus the Zacks S&P 500 composite's +0.6% change. Currently, CLF carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $9.53, moving -3.25% from the previous trading session. This change lagged the S&P 500's 0.51% loss on the day. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq lost 1.47%.

Coming into today, shares of the mining company had lost 22.32% in the past month. In that same time, the Basic Materials sector lost 8.52%, while the S&P 500 gained 0.53%.

The investment community will be closely monitoring the performance of Cleveland-Cliffs in its forthcoming earnings report. The company is scheduled to release its earnings on July 23, 2026. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.18 per share. This would mark year-over-year growth of 64%. Simultaneously, our latest consensus estimate expects the revenue to be $5.17 billion, showing a 4.83% escalation compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.27 per share and revenue of $20.59 billion. These totals would mark changes of +89.11% and +10.67%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming 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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 36.51% increase. Cleveland-Cliffs presently features a Zacks Rank of #2 (Buy).

The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 40, which puts it in the top 17% 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.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Cleveland-Cliffs (CLF - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for Cleveland-Cliffs basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

For Cleveland-Cliffs, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Cleveland-CliffsFor the fiscal year ending December 2026, this mining company is expected to earn -$0.27 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Cleveland-Cliffs. Over the past three months, the Zacks Consensus Estimate for the company has increased 37.4%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Cleveland-Cliffs to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 1.16% at $9.40. This change lagged the S&P 500's daily gain of 0.81%. On the other hand, the Dow registered a gain of 0.27%, and the technology-centric Nasdaq increased by 1.3%.

The mining company's stock has dropped by 23.37% in the past month, falling short of the Basic Materials sector's loss of 4.72% and the S&P 500's gain of 1.13%.

Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings report is set to go public on July 23, 2026. It is anticipated that the company will report an EPS of -$0.18, marking a 64% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.17 billion, up 4.83% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.27 per share and a revenue of $20.59 billion, representing changes of +89.11% and +10.67%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 47.83% higher. Cleveland-Cliffs currently has a Zacks Rank of #2 (Buy).

The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 83, finds itself in the top 34% echelons 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.

You can find more information on all of these metrics, and much more, on Zacks.com.

Cleveland-Cliffs (CLF - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this mining company have returned -33.4% over the past month versus the Zacks S&P 500 composite's -1.4% change. The Zacks Steel - Producers industry, to which Cleveland-Cliffs belongs, has lost 15.4% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Cleveland-Cliffs is expected to post a loss of $0.18 per share, indicating a change of +64% from the year-ago quarter. The Zacks Consensus Estimate has changed +150% over the last 30 days.

The consensus earnings estimate of -$0.27 for the current fiscal year indicates a year-over-year change of +89.1%. This estimate has changed +47.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.46 indicates a change of +267.3% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has changed +53.3%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Cleveland-Cliffs.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Cleveland-Cliffs, the consensus sales estimate for the current quarter of $5.17 billion indicates a year-over-year change of +4.8%. For the current and next fiscal years, $20.59 billion and $21.18 billion estimates indicate +10.7% and +2.8% changes, respectively.

Last Reported Results and Surprise HistoryCleveland-Cliffs reported revenues of $4.92 billion in the last reported quarter, representing a year-over-year change of +6.3%. EPS of -$0.4 for the same period compares with -$0.92 a year ago.

Compared to the Zacks Consensus Estimate of $4.83 billion, the reported revenues represent a surprise of +1.81%. The EPS surprise was +9.09%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cleveland-Cliffs is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cleveland-Cliffs. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 5.73% at $9.38. The stock trailed the S&P 500, which registered a daily gain of 1.18%. At the same time, the Dow added 0.59%, and the tech-heavy Nasdaq gained 2.07%.

Shares of the mining company witnessed a loss of 26.84% over the previous month, trailing the performance of the Basic Materials sector with its loss of 5.12%, and the S&P 500's loss of 2.9%.

Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.18, indicating a 64% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $5.17 billion, up 4.83% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.27 per share and a revenue of $20.59 billion, representing changes of +89.11% and +10.67%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 47.83% higher within the past month. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 12% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

In the latest close session, Cleveland-Cliffs (CLF - Free Report) was down 6.14% at $11.16. This move lagged the S&P 500's daily loss of 1.44%. On the other hand, the Dow registered a loss of 0.09%, and the technology-centric Nasdaq decreased by 2.22%.

Heading into today, shares of the mining company had gained 5.88% over the past month, outpacing the Basic Materials sector's loss of 0.5% and the S&P 500's gain of 0.08%.

Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.17, reflecting a 66% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $5.21 billion, showing a 5.57% escalation compared to the year-ago quarter.

CLF's full-year Zacks Consensus Estimates are calling for earnings of -$0.41 per share and revenue of $20.44 billion. These results would represent year-over-year changes of +83.47% and +9.85%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 15.23% rise in the Zacks Consensus EPS estimate. Right now, Cleveland-Cliffs possesses a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 38, positioning it in the top 16% 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.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Cleveland-Cliffs (CLF - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this mining company have returned +22.6% over the past month versus the Zacks S&P 500 composite's +0.3% change. The Zacks Steel - Producers industry, to which Cleveland-Cliffs belongs, has gained 10.6% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Cleveland-Cliffs is expected to post a loss of $0.13 per share for the current quarter, representing a year-over-year change of +74%. Over the last 30 days, the Zacks Consensus Estimate has changed +2.9%.

The consensus earnings estimate of -$0.39 for the current fiscal year indicates a year-over-year change of +84.3%. This estimate has changed +13.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.38 indicates a change of +197.3% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has changed +26.7%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cleveland-Cliffs.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Cleveland-Cliffs, the consensus sales estimate for the current quarter of $5.21 billion indicates a year-over-year change of +5.6%. For the current and next fiscal years, $20.44 billion and $21.14 billion estimates indicate +9.8% and +3.4% changes, respectively.

Last Reported Results and Surprise HistoryCleveland-Cliffs reported revenues of $4.92 billion in the last reported quarter, representing a year-over-year change of +6.3%. EPS of -$0.4 for the same period compares with -$0.92 a year ago.

Compared to the Zacks Consensus Estimate of $4.83 billion, the reported revenues represent a surprise of +1.81%. The EPS surprise was +9.09%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cleveland-Cliffs is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cleveland-Cliffs. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

On April 20, two of America's largest steel companies reported earnings at a time that should have been bullish for steel companies. Imports are at a 17-year low in a tariff-sheltered market. However, having protected pricing is only bullish if a company can profit from it.

That’s where the outlook for Steel Dynamics NASDAQ: STLD and Cleveland-Cliffs NYSE: CLF diverges. For Q1 2026, Steel Dynamics made $403 million; Cleveland-Cliffs lost $229 million. Understanding the why behind those numbers is essential before investors decide how to approach each stock.

Get Steel Dynamics alerts:

Why Steel Tariffs Aren’t an Automatic Buy SignalThe 50% tariff on imported steel has helped choke off foreign competition and push buyers toward domestic suppliers. In Q1 2026, U.S. steel imports hit their lowest quarterly level since 2009. Domestic producers are capturing demand that used to go offshore.

But the tariff is a floor, not a rocket. And how high a steelmaker can go depends entirely on how cheaply they can make steel. This is where the business models of Cleveland-Cliffs and Steel Dynamics diverge sharply.

The Old Model and the New ModelAt its core, Cleveland-Cliffs is an integrated steelmaker. The process is expensive, requires a lot of energy, and the costs are largely fixed. That is, you can't easily throttle a blast furnace up or down when demand shifts. It also comes with a cost structure that includes infrastructure and workforce obligations.

Adding to those obligations, Cliffs has a heavily unionized labor force and, despite a remarkable 95% reduction in pension and OPEB liabilities since its ArcelorMittal acquisition, still operates with a debt load that means the company has to prioritize repayment before growth.

Steel Dynamics Today

$279.55 +11.21 (+4.18%)

As of 06/11/2026 04:00 PM Eastern

52-Week Range$119.89▼

$281.59Dividend Yield0.76%

P/E Ratio29.90

Price Target$224.64

By contrast, Steel Dynamics runs 100% on electric arc furnace (EAF) technology. EAF mills melt recycled scrap metal using electricity, skipping the iron ore and blast furnace entirely, and can be dialed up or down with demand. 

Plus, EAF steelmaking uses roughly one-quarter of the energy of traditional blast furnace production and generates a fraction of the emissions.

It's faster, cheaper to operate and structurally more flexible.

STLD also owns its own scrap recycling network through OmniSource, one of the largest nonferrous recyclers in North America, which gives it a cost advantage on raw materials that integrated producers simply can't replicate.

How the Business Models Showed Up in EarningsHigher steel prices have benefited both companies with higher revenue per ton. But after that, the fundamentals come down to the spread between revenue and cost.

Steel Dynamics was able to convert $5.2 billion in revenue into $700 million of adjusted EBITDA, a 13% margin. That allowed the company to repurchase $115 million in stock and increase its dividend payout by 6%. STLD shot up over 10% in the days following the earnings release.

Cleveland-Cliffs converted $4.9 billion in revenue into $95 million of adjusted EBITDA, a margin of roughly 2%. Plus, it still posted a net loss of $229 million after interest and other charges. It’s not lost on investors that CLF doesn’t pay a dividend and fell over 8% in the days after the earnings release.

Where and Why Investors Need to Look Before They LeapHaving said that, earnings reports are backward-looking, and Cleveland-Cliffs is saying that the coming quarter will be better. They could be right.

On Sept. 17, 2025, the company signed a Memorandum of Understanding (MOU) with POSCO, Korea’s largest steelmaker and one of the top 10 global steelmakers. This could be a win-win. POSCO is looking to support and grow its established customer base in the United States, which has now become a favorable market.

Cleveland-Cliffs Stock Forecast Today12-Month Stock Price Forecast:
$12.85
-6.17% Downside

Reduce
Based on 11 Analyst Ratings

Current Price$13.70High Forecast$15.01Average Forecast$12.85Low Forecast$9.00Cleveland-Cliffs Stock Forecast Details

However, the two companies have not reached a final agreement, and management says that will only happen if the deal is for “full and fair value.” Putting that not inconsequential detail to the side, analysts have a Hold rating on CLF, and Morgan Stanley lowered its price target to $12 from $18. But that’s in line with a consensus price target of $12.19; a 33% upside that suggests a belief in more than just hope.

On the other hand, Steel Dynamics is expanding into aluminum. Currently, that’s driving a loss of $65 million every quarter. In the long run, analysts believe this is a growth investment and not a liability.

But analysts are mixed. STLD gets a Hold rating with a consensus price target of $185.11, which is a downside of over 15%. 

Nevertheless, analysts are raising their price targets, although the highest price rating still implies downside from recent prices.

Should You Invest $1,000 in Steel Dynamics Right Now?Before you consider Steel Dynamics, you'll want to hear this.

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