Seaport Res Ptn Issues Pessimistic Estimate for CLF Earnings

Cleveland-Cliffs Inc. (NYSE:CLFFree Report) – Seaport Res Ptn reduced their FY2024 earnings per share (EPS) estimates for Cleveland-Cliffs in a research note issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now forecasts that the mining company will post earnings of ($0.73) per share for the year, down from their prior estimate of ($0.50). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.67) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.69) EPS and FY2025 earnings at ($0.86) EPS.

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

A number of other brokerages also recently issued reports on CLF. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Finally, Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.93.

View Our Latest Analysis on CLF

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.96 on Thursday. The stock has a 50 day moving average price of $10.67 and a 200 day moving average price of $12.38. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of -10.26 and a beta of 1.97. Cleveland-Cliffs has a 52-week low of $8.99 and a 52-week high of $22.97.

Institutional Investors Weigh In On Cleveland-Cliffs

Several large investors have recently modified their holdings of CLF. Pacer Advisors Inc. raised its stake 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 worth $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Barclays PLC raised its stake in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of 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 during the last quarter. Stonegate Investment Group LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $18,999,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth approximately $22,122,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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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.

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

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