Cleveland-Cliffs Inc. (NYSE:CLF) Forecasted to Earn Q1 2024 Earnings of $0.18 Per Share

Cleveland-Cliffs Inc. (NYSE:CLF) – Research analysts at Zacks Research issued their Q1 2024 EPS estimates for shares of Cleveland-Cliffs in a research note issued on Tuesday, April 16th. Zacks Research analyst A. Barman anticipates that the mining company will post earnings per share of $0.18 for the quarter. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.62 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.47 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.58 EPS, Q2 2025 earnings at $0.52 EPS and Q4 2025 earnings at $0.83 EPS.

CLF has been the subject of several other research reports. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. StockNews.com raised Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a report on Wednesday, March 13th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Finally, Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.92.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $20.79 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The firm has a market capitalization of $9.88 billion, a PE ratio of 27.00, a P/E/G ratio of 0.75 and a beta of 2.03. Cleveland-Cliffs has a 1-year low of $13.61 and a 1-year high of $22.97. The business’s fifty day moving average price is $20.95 and its two-hundred day moving average price is $18.88.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. Cleveland-Cliffs’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.30) earnings per share.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently bought and sold shares of the company. Natixis Advisors L.P. lifted its position in shares of Cleveland-Cliffs by 39.8% in the 1st quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock valued at $1,417,000 after acquiring an additional 12,531 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $486,000. Great West Life Assurance Co. Can grew its holdings in shares of Cleveland-Cliffs by 12.7% during the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock valued at $8,577,000 after buying an additional 29,178 shares in the last quarter. Cibc World Market Inc. raised its position in Cleveland-Cliffs by 1.1% during the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after buying an additional 623 shares during the period. Finally, Blair William & Co. IL lifted its stake in Cleveland-Cliffs by 14.5% in the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock worth $5,405,000 after acquiring an additional 21,233 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the acquisition, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cleveland-Cliffs news, Director Arlene M. Yocum purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 over the last 90 days. 1.76% of the stock is currently owned by company insiders.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.