Cleveland-Cliffs (NYSE:CLF) Shares Gap Up Following Strong Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.45, but opened at $10.67. Cleveland-Cliffs shares last traded at $11.2070, with a volume of 10,932,576 shares trading hands.

The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the prior year, the firm posted ($0.50) earnings per share. Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis.

Cleveland-Cliffs News Summary

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Cleveland-Cliffs reported Q2 EPS of -$0.20, slightly better than analysts expected, and revenue of $5.23 billion, also above estimates, signaling a modest earnings beat. Cleveland-Cliffs Inc (CLF) Q2 2026 Earnings Call Highlights
• Positive Sentiment: Management said EBITDA tripled from the prior quarter and the company returned to positive free cash flow, which investors typically view as a sign of improving operating momentum. Cleveland-Cliffs Inc (CLF) Q2 2026 Earnings Call Highlights
• Positive Sentiment: The company issued a stronger third-quarter forecast, and the CEO said the “progression we have been forecasting is now reality,” reinforcing optimism about a stronger second half. CLF Stock Posts Biggest Gain Of 2026 After CEO Forecasts Strongest Second-Half Performance Since 2021
• Positive Sentiment: B. Riley Securities reiterated a Buy rating, adding analyst support to the post-earnings rally. Cleveland-Cliffs (CLF) Receives a Buy from B. Riley Securities
• Neutral Sentiment: The company also announced a leadership change, promoting CFO Celso Goncalves to President and CFO and adding him to the board, which is mainly an internal governance update. Cleveland-Cliffs Announces Promotion of Chief Financial Officer Celso Goncalves
• Negative Sentiment: Despite the beat, Cleveland-Cliffs still posted a net loss and negative margins, reminding investors that profitability remains a work in progress. Cleveland-Cliffs Reports Second-Quarter 2026 Results

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CLF shares. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Wells Fargo & Company decreased their price objective on Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, July 9th. Citigroup lowered their price objective on Cleveland-Cliffs from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, July 7th. Morgan Stanley restated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Finally, Bank of America reduced their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Nine analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $11.50.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.95% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. increased its holdings in Cleveland-Cliffs by 208.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after purchasing an additional 4,067,994 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cleveland-Cliffs by 60.0% during the second quarter. GAMMA Investing LLC now owns 12,149 shares of the mining company’s stock worth $114,000 after purchasing an additional 4,557 shares in the last quarter. Moody National Bank Trust Division purchased a new position in shares of Cleveland-Cliffs during the second quarter worth $545,000. Versant Capital Management Inc boosted its position in shares of Cleveland-Cliffs by 24.3% during the second quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock worth $77,000 after buying an additional 1,614 shares during the period. Finally, NewEdge Advisors LLC grew its stake in shares of Cleveland-Cliffs by 25.2% in the first quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock valued at $1,043,000 after buying an additional 24,868 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of -4.72 and a beta of 2.13. The stock has a 50 day moving average price of $11.26 and a two-hundred day moving average price of $11.02.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.