Cleveland-Cliffs (NYSE:CLF) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cleveland-Cliffs (NYSE:CLF) released its quarterly earnings data on Monday. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01), Briefing.com reports. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.50%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.11) earnings per share.

Cleveland-Cliffs Trading Down 11.1 %

Shares of CLF stock opened at $18.53 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. Cleveland-Cliffs has a 1 year low of $13.61 and a 1 year high of $22.97. The stock has a fifty day moving average of $20.98 and a two-hundred day moving average of $18.98. The firm has a market capitalization of $8.81 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 0.72 and a beta of 2.03.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average price of $20.24 per share, for a total transaction of $506,000.00. Following the purchase, the director now directly owns 27,221 shares in the company, valued at $550,953.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average price of $20.24 per share, for a total transaction of $506,000.00. Following the acquisition, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The disclosure for this purchase can be found here. In the last quarter, insiders sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. StockNews.com raised Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective on the stock. in a report on Wednesday, February 28th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a report on Wednesday, March 13th. Finally, Wolfe Research restated an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Two investment 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $19.92.

Cleveland-Cliffs Company Profile

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.