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Analysts Expect Cleveland-Cliffs Inc (NYSE:CLF) Will Post Quarterly Sales of $2.01 Billion

Last updated on Saturday, December 26, 2020 | 2020 MarketBeat

Analysts forecast that Cleveland-Cliffs Inc (NYSE:CLF) will announce $2.01 billion in sales for the current quarter, Zacks reports. Two analysts have made estimates for Cleveland-Cliffs' earnings, with estimates ranging from $2.00 billion to $2.03 billion. Cleveland-Cliffs reported sales of $534.10 million in the same quarter last year, which indicates a positive year-over-year growth rate of 276.3%. The company is expected to announce its next earnings report on Thursday, February 18th.

According to Zacks, analysts expect that Cleveland-Cliffs will report full-year sales of $5.11 billion for the current fiscal year, with estimates ranging from $5.09 billion to $5.13 billion. For the next fiscal year, analysts anticipate that the business will report sales of $18.65 billion, with estimates ranging from $18.36 billion to $18.95 billion. Zacks' sales averages are a mean average based on a survey of research firms that that provide coverage for Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, October 23rd. The mining company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.08. Cleveland-Cliffs had a negative net margin of 3.38% and a negative return on equity of 2.69%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the firm posted $0.33 earnings per share. Cleveland-Cliffs's quarterly revenue was up 196.3% on a year-over-year basis.

A number of brokerages have commented on CLF. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and set a $12.00 price target on the stock in a research report on Thursday, November 26th. KeyCorp increased their price target on shares of Cleveland-Cliffs from $14.00 to $17.00 and gave the company an "overweight" rating in a research report on Tuesday. ValuEngine cut shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Tuesday, December 1st. Credit Suisse Group increased their price target on shares of Cleveland-Cliffs from $4.75 to $5.25 and gave the company a "neutral" rating in a research report on Wednesday, September 16th. Finally, B. Riley raised their target price on shares of Cleveland-Cliffs from $13.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, December 10th. Five investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Cleveland-Cliffs has a consensus rating of "Buy" and a consensus target price of $9.53.

Shares of NYSE CLF opened at $14.15 on Friday. Cleveland-Cliffs has a one year low of $2.63 and a one year high of $14.65. The company has a debt-to-equity ratio of 3.84, a current ratio of 2.17 and a quick ratio of 0.69. The firm's 50 day simple moving average is $11.23 and its two-hundred day simple moving average is $7.62. The stock has a market capitalization of $5.65 billion, a P/E ratio of -50.54 and a beta of 2.27.

A number of hedge funds have recently made changes to their positions in the stock. Fisher Asset Management LLC lifted its stake in Cleveland-Cliffs by 35.6% in the third quarter. Fisher Asset Management LLC now owns 17,378,287 shares of the mining company's stock worth $111,569,000 after acquiring an additional 4,561,536 shares during the period. State Street Corp lifted its stake in Cleveland-Cliffs by 6.7% in the third quarter. State Street Corp now owns 16,458,566 shares of the mining company's stock worth $105,664,000 after acquiring an additional 1,036,244 shares during the period. MUFG Securities EMEA plc purchased a new stake in Cleveland-Cliffs in the third quarter worth $7,240,000. Principal Financial Group Inc. lifted its position in Cleveland-Cliffs by 30.2% during the second quarter. Principal Financial Group Inc. now owns 5,765,973 shares of the mining company's stock valued at $31,829,000 after buying an additional 1,336,842 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in Cleveland-Cliffs by 3.7% during the second quarter. Nuveen Asset Management LLC now owns 1,807,956 shares of the mining company's stock valued at $9,980,000 after buying an additional 63,723 shares during the period. 61.90% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

See Also: Overbought

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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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