Q2 2024 EPS Estimates for Cleveland-Cliffs Inc. Cut by Zacks Research (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Zacks Research decreased their Q2 2024 earnings per share estimates for shares of Cleveland-Cliffs in a research note issued to investors on Monday, May 6th. Zacks Research analyst A. Barman now expects that the mining company will earn $0.14 per share for the quarter, down from their prior estimate of $0.47. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $1.22 per share. Zacks Research also issued estimates for Cleveland-Cliffs' Q3 2024 earnings at $0.30 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.90 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.44 EPS, Q1 2026 earnings at $0.51 EPS and FY2026 earnings at $2.28 EPS.

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

Several other equities research analysts have also recently commented on CLF. JPMorgan Chase & Co. cut their price target on Cleveland-Cliffs from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Wednesday, April 24th. Argus cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday, February 8th. TheStreet cut Cleveland-Cliffs from a "b-" rating to a "c" rating in a report on Tuesday, January 30th. Wolfe Research reissued an "underperform" rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, StockNews.com cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research note on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $20.42.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded up $0.21 during midday trading on Thursday, hitting $17.45. The stock had a trading volume of 6,165,587 shares, compared to its average volume of 8,872,214. The company has a market capitalization of $8.30 billion, a PE ratio of 23.46, a P/E/G ratio of 0.83 and a beta of 2.10. The stock has a 50 day simple moving average of $20.42 and a 200-day simple moving average of $19.15. Cleveland-Cliffs has a 1 year low of $13.61 and a 1 year high of $22.97. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company's stock worth $570,000 after buying an additional 476 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company's stock valued at $39,000 after purchasing an additional 500 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Cleveland-Cliffs by 2.3% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company's stock valued at $427,000 after purchasing an additional 609 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cleveland-Cliffs by 0.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company's stock valued at $4,249,000 after purchasing an additional 612 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company's stock valued at $38,000 after purchasing an additional 619 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Arlene M. Yocum acquired 2,000 shares of the company's stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now owns 94,887 shares of the company's stock, valued at approximately $1,899,637.74. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Arlene M. Yocum bought 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the transaction, the chief executive officer now owns 2,699,089 shares of the company's stock, valued at $54,494,606.91. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 87,000 shares of company stock valued at $1,470,640 and sold 221,066 shares valued at $4,464,688. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs announced that its board has authorized a stock buyback plan on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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.