Q4 EPS Estimates for Cleveland-Cliffs Cut by B. Riley

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities researchers at B. Riley reduced their Q4 2024 earnings per share estimates for shares of Cleveland-Cliffs in a note issued to investors on Tuesday, November 12th. B. Riley analyst L. Pipes now anticipates that the mining company will earn ($0.49) per share for the quarter, down from their prior forecast of ($0.20). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.37) per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q1 2025 earnings at ($0.24) EPS, Q2 2025 earnings at ($0.01) EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.25 EPS, FY2025 earnings at $0.13 EPS, Q1 2026 earnings at $0.50 EPS, Q2 2026 earnings at $0.50 EPS and Q3 2026 earnings at $0.51 EPS.

Several other research firms have also recently commented on CLF. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley cut their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.04 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The business’s fifty day moving average price is $12.60 and its two-hundred day moving average price is $14.29. The stock has a market cap of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs has a one year low of $10.21 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period last year, the company earned $0.54 EPS. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the period. Barclays PLC increased its stake in Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares during the period. AQR Capital Management LLC raised its holdings in Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at $22,122,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.