Cleveland-Cliffs Inc. Expected to Post Q1 2024 Earnings of $0.18 Per Share (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at Zacks Research issued their Q1 2024 EPS estimates for Cleveland-Cliffs in a note issued to investors on Tuesday, April 16th. Zacks Research analyst A. Barman forecasts that the mining company will post earnings per share of $0.18 for the quarter. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.62 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.47 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.58 EPS, Q2 2025 earnings at $0.52 EPS and Q4 2025 earnings at $0.83 EPS.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm earned ($0.30) EPS.

A number of other research analysts have also issued reports on the company. StockNews.com upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Thursday. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research note on Wednesday, March 13th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Wolfe Research restated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Finally, TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $19.92.

Cleveland-Cliffs Stock Down 0.2 %

Shares of CLF opened at $20.79 on Thursday. The firm has a market cap of $9.88 billion, a P/E ratio of 27.00, a PEG ratio of 0.75 and a beta of 2.03. Cleveland-Cliffs has a 12 month low of $13.61 and a 12 month high of $22.97. The stock’s 50 day moving average is $20.95 and its two-hundred day moving average is $18.88. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CLF. Lazard Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 218.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after acquiring an additional 746 shares during the last quarter. Rise Advisors LLC lifted its stake in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares in the last quarter. Anchor Investment Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth $31,000. Lindbrook Capital LLC raised its holdings in shares of Cleveland-Cliffs by 83.7% in the 4th 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 period. Finally, HighMark Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the sale, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of the company’s 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 directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Company Profile

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.