Brokers Set Expectations for Cleveland-Cliffs Inc.’s Q2 2022 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) – Analysts at KeyCorp lowered their Q2 2022 earnings per share estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Wednesday, May 25th. KeyCorp analyst P. Gibbs now forecasts that the mining company will post earnings per share of $1.45 for the quarter, down from their previous estimate of $1.62.

Several other brokerages also recently weighed in on CLF. Zacks Investment Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating and set a $24.00 target price on the stock. in a report on Tuesday. StockNews.com began coverage on shares of Cleveland-Cliffs in a report on Thursday, March 31st. They set a “hold” rating on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 24th. Credit Suisse Group boosted their price objective on shares of Cleveland-Cliffs from $34.00 to $37.00 in a report on Tuesday, April 19th. Finally, B. Riley boosted their price objective on shares of Cleveland-Cliffs from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, April 25th. Four analysts have rated the stock with a hold rating and five have assigned a 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 $31.54.

Shares of NYSE:CLF opened at $23.46 on Friday. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 3.42 and a beta of 2.16. The firm’s 50-day simple moving average is $27.55 and its 200-day simple moving average is $23.42. The company has a quick ratio of 0.80, a current ratio of 2.28 and a debt-to-equity ratio of 0.76. Cleveland-Cliffs has a fifty-two week low of $15.81 and a fifty-two week high of $34.04.

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

In other news, EVP Keith Koci acquired 4,600 shares of the business’s stock in a transaction dated Wednesday, May 11th. The stock was acquired at an average price of $22.38 per share, with a total value of $102,948.00. Following the completion of the transaction, the executive vice president now directly owns 294,735 shares in the company, valued at approximately $6,596,169.30. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Celso L. Goncalves, Jr. acquired 4,000 shares of the business’s stock in a transaction dated Friday, April 29th. The stock was purchased at an average cost of $26.32 per share, with a total value of $105,280.00. Following the transaction, the chief financial officer now owns 143,285 shares of the company’s stock, valued at $3,771,261.20. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 13,100 shares of company stock valued at $330,358. 1.43% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Assetmark Inc. acquired a new position in Cleveland-Cliffs during the third quarter worth approximately $26,000. Rational Advisors LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $26,000. UMB Bank N A MO acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $26,000. Tyler Stone Wealth Management acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $26,000. Finally, Joseph P. Lucia & Associates LLC acquired a new position in Cleveland-Cliffs during the first quarter worth approximately $26,000. 56.68% of the stock is owned by institutional investors and hedge funds.

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

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