Q2 EPS Estimate for Cleveland-Cliffs Decreased by Analyst

Cleveland-Cliffs Inc. (NYSE:CLF) – Research analysts at Zacks Research dropped their Q2 2027 earnings estimates for shares of Cleveland-Cliffs in a report issued on Friday, August 1st. Zacks Research analyst A. Barman now anticipates that the mining company will post earnings per share of $0.11 for the quarter, down from their prior forecast of $0.15. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.79) per share. Zacks Research also issued estimates for Cleveland-Cliffs’ FY2027 earnings at $0.54 EPS.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Glj Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. KeyCorp upgraded shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a research note on Tuesday, July 22nd. Finally, B. Riley reiterated a “buy” rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $11.09.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.06 on Monday. The company has a fifty day simple moving average of $8.42 and a two-hundred day simple moving average of $8.84. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -2.95 and a beta of 1.99. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs has a 52 week low of $5.63 and a 52 week high of $14.38.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS.

Insiders Place Their Bets

In related news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Cleveland-Cliffs by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after buying an additional 647,282 shares during the period. Slate Path Capital LP lifted its stake in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after buying an additional 4,239,000 shares during the period. Geode Capital Management LLC raised its stake in Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after purchasing an additional 264,078 shares during the period. Fairfax Financial Holdings Ltd. Can purchased a new position in Cleveland-Cliffs during the fourth quarter worth approximately $55,453,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Cleveland-Cliffs by 10.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company’s stock worth $37,779,000 after purchasing an additional 419,832 shares during the period. Hedge funds and other institutional investors own 67.68% 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.