Analysts expect Cleveland-Cliffs Inc (NYSE:CLF) to post sales of $781.53 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Cleveland-Cliffs’ earnings, with the lowest sales estimate coming in at $729.00 million and the highest estimate coming in at $823.50 million. Cleveland-Cliffs reported sales of $600.90 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 30.1%. The business is scheduled to announce its next earnings report on Thursday, January 24th.

On average, analysts expect that Cleveland-Cliffs will report full-year sales of $2.45 billion for the current financial year, with estimates ranging from $2.35 billion to $2.52 billion. For the next fiscal year, analysts expect that the business will report sales of $2.27 billion, with estimates ranging from $2.10 billion to $2.49 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Friday, October 19th. The mining company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The firm had revenue of $742.00 million for the quarter, compared to analyst estimates of $736.06 million. During the same period in the previous year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis.

A number of research firms have recently commented on CLF. B. Riley set a $15.00 target price on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a research report on Wednesday, September 26th. Seaport Global Securities set a $13.00 target price on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a research report on Monday, July 23rd. ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. Zacks Investment Research cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Finally, Vertical Group set a $5.00 target price on shares of Cleveland-Cliffs and gave the stock a “sell” rating in a research report on Tuesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $11.55.

Shares of NYSE CLF traded down $0.63 during trading on Wednesday, reaching $9.77. 11,197,199 shares of the stock were exchanged, compared to its average volume of 11,557,291. Cleveland-Cliffs has a twelve month low of $5.60 and a twelve month high of $13.10. The stock has a market cap of $2.98 billion, a P/E ratio of 19.54 and a beta of 1.63.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, January 4th will be issued a $0.05 dividend. The ex-dividend date is Thursday, January 3rd. This represents a $0.20 annualized dividend and a yield of 2.05%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB raised its holdings in Cleveland-Cliffs by 29.9% in the first quarter. Xact Kapitalforvaltning AB now owns 38,689 shares of the mining company’s stock valued at $269,000 after acquiring an additional 8,900 shares in the last quarter. Trexquant Investment LP acquired a new stake in Cleveland-Cliffs in the second quarter valued at $131,000. HRT Financial LLC acquired a new stake in Cleveland-Cliffs in the second quarter valued at $196,000. Advisors Preferred LLC raised its holdings in Cleveland-Cliffs by 425.5% in the second quarter. Advisors Preferred LLC now owns 20,642 shares of the mining company’s stock valued at $174,000 after acquiring an additional 16,714 shares in the last quarter. Finally, Montgomery Investment Management Inc. raised its holdings in Cleveland-Cliffs by 19.6% in the third quarter. Montgomery Investment Management Inc. now owns 67,200 shares of the mining company’s stock valued at $851,000 after acquiring an additional 11,000 shares in the last quarter. 71.46% of the stock is currently owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

Read More: What is the quiet period?

Get a free copy of the Zacks research report on Cleveland-Cliffs (CLF)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.