$5.88 Billion in Sales Expected for Cleveland-Cliffs Inc. (NYSE:CLF) This Quarter

Analysts predict that Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) will post $5.88 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $5.10 billion and the highest is $6.29 billion. Cleveland-Cliffs posted sales of $5.05 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 16.4%. The business is expected to report its next earnings results on Monday, January 1st.

On average, analysts expect that Cleveland-Cliffs will report full-year sales of $23.49 billion for the current fiscal year, with estimates ranging from $20.31 billion to $25.75 billion. For the next year, analysts forecast that the business will report sales of $20.88 billion, with estimates ranging from $18.71 billion to $23.35 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last released its earnings results on Friday, April 22nd. The mining company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.27. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the company earned $0.35 EPS. Cleveland-Cliffs’s quarterly revenue was up 47.1% compared to the same quarter last year.

Several analysts have recently issued reports on CLF shares. Credit Suisse Group upped their target price on shares of Cleveland-Cliffs from $34.00 to $37.00 in a research note on Tuesday, April 19th. JPMorgan Chase & Co. upped their target price on shares of Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 24th. The Goldman Sachs Group upped their target price on shares of Cleveland-Cliffs from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, March 22nd. B. Riley upped their target price on shares of Cleveland-Cliffs from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, April 25th. Finally, TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research report on Tuesday, March 1st. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Buy” and a consensus price target of $31.65.

In other Cleveland-Cliffs news, EVP Keith Koci bought 4,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Tuesday, April 26th. The shares were bought at an average price of $27.14 per share, with a total value of $122,130.00. Following the acquisition, the executive vice president now owns 290,135 shares in the company, valued at $7,874,263.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Celso L. Goncalves, Jr. bought 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, April 29th. The shares were acquired at an average cost of $26.32 per share, for a total transaction of $105,280.00. Following the acquisition, the chief financial officer now owns 143,285 shares in the company, valued at approximately $3,771,261.20. The disclosure for this purchase can be found here. Insiders purchased 13,100 shares of company stock worth $330,358 over the last ninety days. 1.43% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Golden State Equity Partners purchased a new position in Cleveland-Cliffs during the 1st quarter valued at $1,170,000. Walleye Capital LLC bought a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at $4,026,000. Point72 Hong Kong Ltd bought a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at $1,646,000. Quantamental Technologies LLC boosted its holdings in shares of Cleveland-Cliffs by 29.3% during the 1st quarter. Quantamental Technologies LLC now owns 16,368 shares of the mining company’s stock valued at $527,000 after buying an additional 3,713 shares in the last quarter. Finally, Douglass Winthrop Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at $252,000. 56.68% of the stock is currently owned by institutional investors.

CLF opened at $21.17 on Thursday. The company has a current ratio of 2.28, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76. The company’s fifty day moving average price is $28.00 and its two-hundred day moving average price is $23.43. Cleveland-Cliffs has a 1-year low of $15.81 and a 1-year high of $34.04. The company has a market cap of $11.11 billion, a price-to-earnings ratio of 3.09 and a beta of 2.16.

About Cleveland-Cliffs (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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