Cleveland-Cliffs (NYSE:CLF) Posts Earnings Results, Beats Estimates By $0.19 EPS

Cleveland-Cliffs (NYSE:CLF) posted its earnings results on Monday. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19, FiscalAI reports. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same period last year, the business posted ($0.68) EPS. Cleveland-Cliffs’s revenue was down .3% compared to the same quarter last year.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $14.77 on Monday. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The firm’s 50-day simple moving average is $13.48 and its 200 day simple moving average is $12.25. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of -4.34 and a beta of 1.93.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently bought and sold shares of the business. Larson Financial Group LLC grew its stake in Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares in the last quarter. Danske Bank A S purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $74,000. Quadrant Capital Group LLC bought a new position in Cleveland-Cliffs in the 3rd quarter valued at $75,000. Franklin Resources Inc. purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at $124,000. Finally, Parallel Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 61.5% in the third quarter. Parallel Advisors LLC now owns 11,692 shares of the mining company’s stock worth $143,000 after purchasing an additional 4,453 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CLF. UBS Group set a $15.00 price objective on Cleveland-Cliffs in a research note on Monday, October 27th. The Goldman Sachs Group increased their price target on Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $11.00 to $12.00 in a research report on Friday, November 14th. Finally, Glj Research boosted their target price on shares of Cleveland-Cliffs from $5.75 to $9.52 and gave the stock a “sell” rating in a report on Tuesday, January 13th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $13.80.

Cleveland-Cliffs Company Profile

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.