Analysts expect Cleveland-Cliffs Inc (NYSE:CLF) to post earnings of ($0.20) per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Cleveland-Cliffs’ earnings. The lowest EPS estimate is ($0.29) and the highest is ($0.13). Cleveland-Cliffs reported earnings of ($0.11) per share during the same quarter last year, which indicates a negative year over year growth rate of 81.8%. The business is scheduled to announce its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Cleveland-Cliffs will report full year earnings of $1.15 per share for the current year, with EPS estimates ranging from $0.89 to $1.69. For the next financial year, analysts forecast that the firm will report earnings of $1.04 per share, with EPS estimates ranging from $0.87 to $1.14. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, January 25th. The mining company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.11. The firm had revenue of $600.90 million during the quarter, compared to analysts’ expectations of $612.50 million. Cleveland-Cliffs had a net margin of 16.09% and a negative return on equity of 35.81%. The company’s quarterly revenue was down 20.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 EPS.
Several equities research analysts have weighed in on the stock. B. Riley restated a “buy” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Cleveland-Cliffs in a research report on Friday, January 5th. Credit Suisse Group upgraded shares of Cleveland-Cliffs from an “underperform” rating to an “outperform” rating in a research report on Wednesday, February 7th. ValuEngine cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Vertical Group upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. Finally, Zacks Investment Research cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $9.79.
In other news, Director Susan Miranda Green sold 11,305 shares of Cleveland-Cliffs stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $7.62, for a total transaction of $86,144.10. Following the completion of the sale, the director now owns 60,367 shares in the company, valued at approximately $459,996.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.89% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Cleveland-Cliffs by 4.0% during the 4th quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock worth $145,592,000 after buying an additional 774,210 shares during the period. Luminus Management LLC boosted its stake in Cleveland-Cliffs by 23.9% during the 4th quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock worth $27,071,000 after acquiring an additional 725,400 shares during the last quarter. Gendell Jeffrey L boosted its stake in Cleveland-Cliffs by 5.6% during the 4th quarter. Gendell Jeffrey L now owns 3,236,976 shares of the mining company’s stock worth $23,339,000 after acquiring an additional 170,332 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 23.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,909,955 shares of the mining company’s stock worth $13,770,000 after acquiring an additional 367,940 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in Cleveland-Cliffs by 10.4% during the 4th quarter. California Public Employees Retirement System now owns 1,864,984 shares of the mining company’s stock worth $13,447,000 after acquiring an additional 175,516 shares during the last quarter. Institutional investors own 60.68% of the company’s stock.
Cleveland-Cliffs stock traded down $0.50 on Monday, reaching $7.01. 8,496,160 shares of the company’s stock traded hands, compared to its average volume of 14,937,564. The company has a quick ratio of 2.80, a current ratio of 3.42 and a debt-to-equity ratio of -5.19. The firm has a market cap of $2,233.48, a PE ratio of 5.71 and a beta of 1.48. Cleveland-Cliffs has a 52-week low of $5.56 and a 52-week high of $9.35.
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Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
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