Seaport Res Ptn Cuts Earnings Estimates for Cleveland-Cliffs

Key Points

• Seaport Res Ptn has revised Cleveland-Cliffs' FY2026 earnings per share estimate down to $0.27, from a previous estimate of $0.30, while the consensus is at ($0.79) per share.
• Cleveland-Cliffs reported a quarterly loss of ($0.50) earnings per share, surpassing consensus estimates, while revenue for the quarter was $4.93 billion, a 7.5% increase year-over-year.
• Analysts' ratings for Cleveland-Cliffs are mixed, with two sell ratings, three hold ratings, and three buy ratings, and a consensus price target of $11.09.

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Stock analysts at Seaport Res Ptn decreased their FY2026 earnings estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Tuesday, July 29th. Seaport Res Ptn analyst M. Englert now forecasts that the mining company will earn $0.27 per share for the year, down from their previous estimate of $0.30. The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.79) per share.

Several other brokerages have also commented on CLF. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research note on Wednesday, May 28th. The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Citigroup lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus target price of $11.09.

Cleveland-Cliffs Stock Down 0.1%

Cleveland-Cliffs stock traded down $0.01 during mid-day trading on Friday, reaching $9.71. 13,174,415 shares of the company's stock were exchanged, compared to its average volume of 25,808,180. The company has a market cap of $4.80 billion, a P/E ratio of -2.85 and a beta of 1.99. Cleveland-Cliffs has a twelve month low of $5.63 and a twelve month high of $14.34. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The company has a fifty day moving average of $8.49 and a 200-day moving average of $8.83.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.18. The business had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.11 EPS.

Insider Buying and Selling

In related news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.76% of the company's stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $45,381,000. Pictet Asset Management Holding SA increased its position in Cleveland-Cliffs by 12.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 100,553 shares of the mining company's stock worth $945,000 after purchasing an additional 10,773 shares during the last quarter. Franklin Resources Inc. increased its position in Cleveland-Cliffs by 57.8% during the fourth quarter. Franklin Resources Inc. now owns 414,692 shares of the mining company's stock worth $3,898,000 after purchasing an additional 151,921 shares during the last quarter. Geode Capital Management LLC increased its position in Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Finally, Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $25,000. Institutional investors and hedge funds own 67.68% of the company's stock.

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.