Cleveland-Cliffs (CLF) Set to Announce Quarterly Earnings on Monday

Cleveland-Cliffs (NYSE:CLF) is scheduled to be releasing its earnings data after the market closes on Monday, April 22nd. Analysts expect Cleveland-Cliffs to post earnings of $0.28 per share for the quarter. Investors that wish to listen to the company’s conference call can do so using this link.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. Cleveland-Cliffs’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.30) EPS. On average, analysts expect Cleveland-Cliffs to post $2 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $21.64 on Monday. The business has a 50 day moving average of $20.82 and a 200 day moving average of $18.74. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of 28.10, a PEG ratio of 0.77 and a beta of 2.03. Cleveland-Cliffs has a 1-year low of $13.61 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Analysts Set New Price Targets

A number of analysts recently weighed in on CLF shares. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price for the company. in a research report on Wednesday, February 28th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $19.92.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 221,066 shares of company stock worth $4,464,688. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Natixis Advisors L.P. grew its stake in Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock worth $1,417,000 after purchasing an additional 12,531 shares during the period. Acadian Asset Management LLC purchased a new stake in Cleveland-Cliffs in the first quarter worth $486,000. Great West Life Assurance Co. Can grew its stake in 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 worth $8,577,000 after purchasing an additional 29,178 shares during the period. Cibc World Market Inc. grew its stake in Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after purchasing an additional 623 shares during the period. Finally, Blair William & Co. IL grew its stake in Cleveland-Cliffs by 14.5% in the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock worth $5,405,000 after purchasing an additional 21,233 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.