Equities Analysts Issue Forecasts for Cleveland-Cliffs Inc.'s Q1 2024 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Zacks Research issued their Q1 2024 earnings per share estimates for shares of Cleveland-Cliffs in a note issued to investors on Tuesday, April 16th. Zacks Research analyst A. Barman anticipates that the mining company will post earnings of $0.18 per share for the quarter. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $1.63 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 topic of a number of other reports. Wolfe Research reissued an "underperform" rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. StockNews.com downgraded Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research note on Wednesday, February 21st. 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 research note on Wednesday, February 28th. Morgan Stanley reissued an "equal weight" rating and set a $20.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Finally, Argus cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday, February 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $19.92.

Cleveland-Cliffs Stock Down 1.8 %

CLF stock traded down $0.38 during midday trading on Thursday, hitting $20.83. The stock had a trading volume of 8,341,023 shares, compared to its average volume of 8,399,602. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 27.05, a price-to-earnings-growth ratio of 0.74 and a beta of 2.03. The business has a 50-day moving average of $20.93 and a two-hundred day moving average of $18.85. Cleveland-Cliffs has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting 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 quarter in the previous year, the company posted ($0.30) EPS.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at $117,585,000. State Street Corp lifted its position in shares of Cleveland-Cliffs by 18.6% during the second quarter. State Street Corp now owns 21,000,065 shares of the mining company's stock worth $322,771,000 after purchasing an additional 3,295,448 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Cleveland-Cliffs by 801.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,608,984 shares of the mining company's stock worth $53,277,000 after acquiring an additional 2,319,486 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Cleveland-Cliffs by 5.4% in the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company's stock worth $1,433,561,000 after acquiring an additional 2,276,018 shares during the last quarter. Finally, Peconic Partners LLC bought a new position in Cleveland-Cliffs in the fourth quarter worth about $42,370,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insiders Place Their Bets

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

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.