Q4 2024 EPS Estimates for Cleveland-Cliffs Inc. Cut by Analyst (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - B. Riley decreased their Q4 2024 EPS estimates for shares of Cleveland-Cliffs in a report issued on Tuesday, April 30th. B. Riley analyst L. Pipes now anticipates that the mining company will earn $0.42 per share for the quarter, down from their previous forecast of $0.55. B. Riley currently has a "Buy" rating and a $24.00 target price on the stock. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $1.56 per share.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.34 billion. During the same period last year, the company earned ($0.11) earnings per share. The firm's revenue was down 1.8% on a year-over-year basis.

Other analysts also recently issued reports about the stock. BNP Paribas downgraded shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 price target on the stock. in a report on Wednesday, February 28th. Citigroup downgraded shares of Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price target on the stock. in a report on Wednesday, March 13th. JPMorgan Chase & Co. lowered their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Wednesday, April 24th. Argus downgraded shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday, February 8th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $20.42.

Cleveland-Cliffs Stock Performance

NYSE CLF traded down $0.20 during mid-day trading on Wednesday, reaching $16.70. 15,883,404 shares of the stock were exchanged, compared to its average volume of 8,980,271. The business's 50 day moving average is $20.78 and its 200-day moving average is $19.08. Cleveland-Cliffs has a 1 year low of $13.61 and a 1 year high of $22.97. The company has a market capitalization of $7.94 billion, a P/E ratio of 22.82, a P/E/G ratio of 0.67 and a beta of 2.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90.

Cleveland-Cliffs announced that its board has initiated a stock buyback program on Monday, April 22nd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the mining company to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the transaction, the executive vice president now directly owns 534,617 shares of the company's stock, valued at $10,793,917.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of Cleveland-Cliffs stock in a transaction dated Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the transaction, the director now directly owns 27,221 shares of the company's stock, valued at $550,953.04. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares of the company's stock, valued at $10,793,917.23. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 112,000 shares of company stock valued at $1,976,640 and have sold 221,066 shares valued at $4,464,688. Insiders own 1.76% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently modified their holdings of the business. Exchange Traded Concepts LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $29,000. Anchor Investment Management LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $31,000. Lindbrook Capital LLC raised its position in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company's stock valued at $32,000 after buying an additional 716 shares during the last quarter. Rise Advisors LLC raised its position in shares of Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company's stock valued at $34,000 after buying an additional 1,429 shares during the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth about $35,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.