Cleveland-Cliffs Inc. (NYSE:CLF) Expected to Post Quarterly Sales of $5.99 Billion

Equities analysts expect Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) to report $5.99 billion in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $5.10 billion and the highest is $6.72 billion. Cleveland-Cliffs reported sales of $5.05 billion during the same quarter last year, which would suggest a positive year over year growth rate of 18.6%. The company is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Cleveland-Cliffs will report full-year sales of $23.19 billion for the current year, with estimates ranging from $20.31 billion to $26.23 billion. For the next fiscal year, analysts forecast that the business will report sales of $20.58 billion, with estimates ranging from $16.71 billion to $24.46 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Friday, April 22nd. The mining company reported $1.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.82 by ($0.32). The firm had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.43 billion. Cleveland-Cliffs had a return on equity of 80.10% and a net margin of 14.62%. The business’s revenue was up 47.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share.

Several brokerages recently weighed in on CLF. Wolfe Research lowered Cleveland-Cliffs from an “outperform” rating to a “peer perform” rating and set a $23.00 price objective for the company. in a report on Tuesday, January 11th. The Goldman Sachs Group increased their target price on shares of Cleveland-Cliffs from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, March 22nd. StockNews.com began coverage on shares of Cleveland-Cliffs in a report on Thursday, March 31st. They issued a “hold” rating on the stock. B. Riley upped their target price on Cleveland-Cliffs from $46.00 to $47.00 and gave the company a “buy” rating in a report on Monday. Finally, Credit Suisse Group increased their price target on Cleveland-Cliffs from $34.00 to $37.00 in a research report on Tuesday, April 19th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $30.99.

In other Cleveland-Cliffs news, EVP Keith Koci purchased 4,500 shares of the stock in a transaction dated Tuesday, April 26th. The shares were bought at an average cost of $27.14 per share, with a total value of $122,130.00. Following the completion of the transaction, the executive vice president now owns 290,135 shares in the company, valued at approximately $7,874,263.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.43% of the company’s stock.

Several institutional investors have recently made changes to their positions in CLF. Assetmark Inc. bought a new stake in shares of Cleveland-Cliffs during the third quarter worth $26,000. Rational Advisors LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $26,000. UMB Bank N A MO bought a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $26,000. Tyler Stone Wealth Management acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $26,000. Finally, Joseph P. Lucia & Associates LLC bought a new stake in Cleveland-Cliffs during the 1st quarter worth about $26,000. Institutional investors and hedge funds own 59.73% of the company’s stock.

Shares of CLF stock opened at $27.44 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.15 and a quick ratio of 0.69. Cleveland-Cliffs has a 12 month low of $15.81 and a 12 month high of $34.04. The company’s fifty day moving average price is $27.83 and its two-hundred day moving average price is $23.38. The firm has a market capitalization of $14.42 billion, a P/E ratio of 4.01 and a beta of 2.13.

Cleveland-Cliffs Company Profile (Get Rating)

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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