Cleveland-Cliffs (NYSE:CLF) Posts Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Cleveland-Cliffs (NYSE:CLF - Get Free Report) announced its quarterly earnings data on Monday. The mining company reported ($0.50) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18, RTT News reports. The firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company's revenue was up 7.5% on a year-over-year basis. During the same period last year, the company earned $0.11 earnings per share.

Cleveland-Cliffs Trading Up 12.9%

NYSE CLF traded up $1.23 on Monday, hitting $10.71. The company's stock had a trading volume of 66,195,041 shares, compared to its average volume of 19,993,410. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $16.00. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The company's 50-day simple moving average is $7.70 and its 200 day simple moving average is $8.78. The firm has a market cap of $5.29 billion, a P/E ratio of -4.39 and a beta of 1.91.

Insider Activity

In related news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the transaction, the executive vice president owned 492,249 shares of the company's stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.71% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A hedge fund recently bought a new stake in Cleveland-Cliffs stock. Focus Partners Wealth purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 41,258 shares of the mining company's stock, valued at approximately $339,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a research note on Monday, July 14th. Morgan Stanley upped their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday, June 20th. Finally, Citigroup increased their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $9.78.

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.