Cleveland-Cliffs Inc (NYSE:CLF) – Investment analysts at KeyCorp dropped their FY2021 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a report issued on Monday, March 23rd. KeyCorp analyst P. Gibbs now expects that the mining company will earn $0.63 per share for the year, down from their previous forecast of $0.70.
Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, February 20th. The mining company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.01. The company had revenue of $534.10 million during the quarter, compared to analysts’ expectations of $549.75 million. Cleveland-Cliffs had a return on equity of 100.50% and a net margin of 14.71%. The business’s quarterly revenue was down 23.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.03 earnings per share.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 target price for the company in a research note on Thursday, January 16th. ValuEngine cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Wednesday, March 4th. Citigroup decreased their target price on Cleveland-Cliffs from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 4th. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research note on Thursday, January 23rd. Finally, Cfra reaffirmed a “strong-buy” rating and set a $10.00 target price (up previously from $9.00) on shares of Cleveland-Cliffs in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $9.69.
NYSE CLF opened at $3.89 on Thursday. The business has a 50 day simple moving average of $5.72 and a 200 day simple moving average of $7.20. Cleveland-Cliffs has a one year low of $2.63 and a one year high of $11.61. The stock has a market capitalization of $958.19 million, a P/E ratio of 3.70 and a beta of 2.10. The company has a debt-to-equity ratio of 5.91, a current ratio of 2.19 and a quick ratio of 1.42.
Large investors have recently made changes to their positions in the business. Atlas Private Wealth Management bought a new position in Cleveland-Cliffs in the fourth quarter worth approximately $26,000. Moser Wealth Advisors LLC bought a new position in Cleveland-Cliffs in the fourth quarter worth approximately $30,000. Huntington National Bank boosted its holdings in Cleveland-Cliffs by 170.5% in the fourth quarter. Huntington National Bank now owns 4,598 shares of the mining company’s stock worth $39,000 after acquiring an additional 2,898 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Cleveland-Cliffs by 235.0% in the third quarter. Tower Research Capital LLC TRC now owns 4,848 shares of the mining company’s stock worth $35,000 after acquiring an additional 3,401 shares in the last quarter. Finally, Verus Capital Partners LLC bought a new position in Cleveland-Cliffs in the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 84.00% of the company’s stock.
In other news, CFO Keith Koci purchased 25,000 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $4.09 per share, for a total transaction of $102,250.00. Following the completion of the acquisition, the chief financial officer now owns 124,649 shares in the company, valued at $509,814.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John T. Baldwin purchased 10,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average price of $4.43 per share, for a total transaction of $44,300.00. Following the acquisition, the director now owns 133,727 shares of the company’s stock, valued at approximately $592,410.61. The disclosure for this purchase can be found here. Insiders have purchased 240,000 shares of company stock valued at $1,066,650 in the last ninety days. 1.83% of the stock is currently owned by insiders.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Friday, April 3rd will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.24 annualized dividend and a yield of 6.17%. Cleveland-Cliffs’s dividend payout ratio is currently 21.43%.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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