Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Zacks Research raised their Q1 2024 earnings per share estimates for Cleveland-Cliffs in a note issued to investors on Tuesday, January 16th. Zacks Research analyst A. Barman now anticipates that the mining company will post earnings per share of $0.35 for the quarter, up from their prior estimate of $0.26. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $1.14 per share. Zacks Research also issued estimates for Cleveland-Cliffs' FY2024 earnings at $1.96 EPS, Q1 2025 earnings at $0.65 EPS and Q3 2025 earnings at $0.64 EPS.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Tuesday, October 24th. The mining company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.10. Cleveland-Cliffs had a return on equity of 5.16% and a net margin of 1.55%. The firm had revenue of $5.60 billion for the quarter, compared to analysts' expectations of $5.58 billion. During the same period last year, the firm earned $0.29 earnings per share. The company's revenue for the quarter was down .9% compared to the same quarter last year.
Other research analysts have also recently issued reports about the company. B. Riley reduced their price objective on Cleveland-Cliffs from $26.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday, September 27th. TheStreet upgraded shares of Cleveland-Cliffs from a "c" rating to a "b-" rating in a report on Wednesday, November 29th. Citigroup upgraded shares of Cleveland-Cliffs from a "neutral" rating to a "buy" rating and set a $22.00 target price for the company in a report on Monday, September 25th. StockNews.com lowered shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday, January 11th. Finally, Morgan Stanley increased their target price on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an "overweight" rating in a report on Tuesday, October 31st. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of "Moderate Buy" and an average price target of $21.75.
Read Our Latest Report on Cleveland-Cliffs
Cleveland-Cliffs Stock Down 2.4 %
Shares of NYSE:CLF opened at $18.08 on Wednesday. The stock's 50-day moving average price is $18.38 and its 200-day moving average price is $16.62. Cleveland-Cliffs has a 12-month low of $13.61 and a 12-month high of $22.83. The stock has a market capitalization of $9.13 billion, a P/E ratio of 26.98 and a beta of 2.13. The company has a current ratio of 2.11, a quick ratio of 0.71 and a debt-to-equity ratio of 0.42.
Institutional Trading of Cleveland-Cliffs
Institutional investors and hedge funds have recently bought and sold shares of the stock. Gradient Investments LLC lifted its holdings in Cleveland-Cliffs by 192.5% in the second quarter. Gradient Investments LLC now owns 1,755 shares of the mining company's stock worth $29,000 after buying an additional 1,155 shares during the period. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs in the third quarter worth about $29,000. PrairieView Partners LLC purchased a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $30,000. Anchor Investment Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $31,000. Finally, Lazard Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 218.1% during the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company's stock valued at $35,000 after purchasing an additional 746 shares during the last quarter. 60.97% of the stock is currently owned by hedge funds and other institutional investors.
About Cleveland-Cliffs
(
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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.
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