Brokers Offer Predictions for Cleveland-Cliffs Inc.’s Q1 2024 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at Zacks Research issued their Q1 2024 earnings estimates for shares of Cleveland-Cliffs in a report issued on Tuesday, April 16th. Zacks Research analyst A. Barman anticipates that the mining company will earn $0.18 per share for the quarter. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.63 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.47 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.58 EPS, Q2 2025 earnings at $0.52 EPS and Q4 2025 earnings at $0.83 EPS.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the prior year, the firm posted ($0.30) EPS. Cleveland-Cliffs’s quarterly revenue was up 1.3% compared to the same quarter last year.

Several other research analysts also recently commented on CLF. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Finally, Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.92.

Cleveland-Cliffs Stock Up 0.8 %

CLF opened at $21.21 on Thursday. The firm has a 50-day simple moving average of $20.90 and a two-hundred day simple moving average of $18.83. Cleveland-Cliffs has a 52 week low of $13.61 and a 52 week high of $22.97. The company has a market capitalization of $10.08 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 0.75 and a beta of 2.03. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39.

Insider Activity

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the transaction, the director now owns 27,221 shares of the company’s stock, valued at $550,953.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Ron A. Bloom acquired 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average cost of $20.24 per share, with a total value of $506,000.00. Following the transaction, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arlene M. Yocum acquired 2,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The disclosure for this purchase can be found here. In the last three months, insiders have sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth about $29,000. Anchor Investment Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth about $31,000. Lindbrook Capital LLC grew its stake in Cleveland-Cliffs by 83.7% in the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares in the last quarter. Rise Advisors LLC grew its stake in Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares in the last quarter. Finally, HighMark Wealth Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth about $35,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

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.