Zacks Research Analysts Cut Earnings Estimates for Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Investment analysts at Zacks Research lowered their Q4 2023 EPS estimates for Cleveland-Cliffs in a research note issued on Monday, November 6th. Zacks Research analyst A. Barman now forecasts that the mining company will post earnings per share of ($0.01) for the quarter, down from their prior forecast of $0.21. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.09 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q1 2024 earnings at $0.02 EPS, Q2 2024 earnings at $0.40 EPS, Q4 2024 earnings at $0.48 EPS, FY2024 earnings at $1.52 EPS, Q1 2025 earnings at $0.53 EPS, Q2 2025 earnings at $0.58 EPS, Q3 2025 earnings at $0.80 EPS and FY2025 earnings at $2.46 EPS.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Tuesday, October 24th. The mining company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.10. The business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.58 billion. Cleveland-Cliffs had a net margin of 1.55% and a return on equity of 5.16%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the company posted $0.29 earnings per share.

CLF has been the subject of a number of other reports. Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a report on Tuesday, October 31st. StockNews.com started coverage on shares of Cleveland-Cliffs in a report on Thursday, October 5th. They set a “hold” rating for the company. Citigroup upgraded shares of Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Monday, September 25th. Finally, B. Riley reduced their price objective on shares of Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $20.81.

Cleveland-Cliffs Trading Down 1.6 %

NYSE:CLF opened at $16.44 on Thursday. The company has a current ratio of 2.11, a quick ratio of 0.71 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 24.53 and a beta of 2.17. The firm has a fifty day simple moving average of $15.33 and a two-hundred day simple moving average of $15.59. Cleveland-Cliffs has a 12 month low of $13.53 and a 12 month high of $22.83.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. raised its position in shares of Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock valued at $1,417,000 after purchasing an additional 12,531 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $486,000. Great West Life Assurance Co. Can raised its position in shares of Cleveland-Cliffs by 12.7% in the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock valued at $8,577,000 after purchasing an additional 29,178 shares during the period. Cibc World Market Inc. raised its position in shares of Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after purchasing an additional 623 shares during the period. Finally, Blair William & Co. IL increased its holdings in Cleveland-Cliffs by 14.5% during the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock worth $5,405,000 after acquiring an additional 21,233 shares during the period. Institutional investors own 60.97% of the company’s stock.

About Cleveland-Cliffs

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.