B. Riley Weighs in on Cleveland-Cliffs Inc.’s Q3 2022 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) – Stock analysts at B. Riley lowered their Q3 2022 EPS estimates for shares of Cleveland-Cliffs in a report issued on Tuesday, August 2nd. B. Riley analyst L. Pipes now forecasts that the mining company will earn $0.68 per share for the quarter, down from their previous estimate of $0.71. B. Riley currently has a “Maintains” rating and a $37.00 price target on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $5.07 per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q4 2022 earnings at $0.60 EPS and FY2022 earnings at $4.30 EPS.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating for the company in a research report on Monday, July 25th. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $26.00 to $24.00 in a report on Tuesday, July 12th. Credit Suisse Group cut their price target on shares of Cleveland-Cliffs from $37.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, July 21st. Citigroup cut their price target on shares of Cleveland-Cliffs from $20.00 to $17.50 and set a “maintains” rating on the stock in a report on Tuesday, July 26th. Finally, Clarkson Capital restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, June 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Moderate Buy” and an average price target of $26.14.

Cleveland-Cliffs Stock Up 0.4 %

CLF stock opened at $17.12 on Wednesday. Cleveland-Cliffs has a 12-month low of $14.31 and a 12-month high of $34.04. The company has a quick ratio of 0.75, a current ratio of 2.20 and a debt-to-equity ratio of 0.67. The company has a market cap of $8.86 billion, a price-to-earnings ratio of 2.57 and a beta of 2.24. The company has a 50 day moving average of $17.89 and a two-hundred day moving average of $22.19.

Cleveland-Cliffs (NYSE:CLFGet Rating) last released its earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.27). Cleveland-Cliffs had a return on equity of 64.45% and a net margin of 15.07%. The company had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $6.13 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year.

Insider Activity at Cleveland-Cliffs

In related news, Director Douglas C. Taylor sold 28,150 shares of the firm’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total value of $650,828.00. Following the transaction, the director now directly owns 156,974 shares in the company, valued at approximately $3,629,238.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Douglas C. Taylor sold 28,150 shares of the firm’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total value of $650,828.00. Following the transaction, the director now directly owns 156,974 shares in the company, valued at approximately $3,629,238.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Keith Koci purchased 4,600 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was bought at an average price of $22.38 per share, for a total transaction of $102,948.00. Following the completion of the transaction, the executive vice president now directly owns 294,735 shares in the company, valued at $6,596,169.30. The disclosure for this purchase can be found here. 1.43% of the stock is currently owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. 180 Wealth Advisors LLC acquired a new stake in Cleveland-Cliffs in the 1st quarter worth $544,000. Benedetti & Gucer Inc. bought a new position in shares of Cleveland-Cliffs during the 1st quarter worth about $215,000. Montag A & Associates Inc. bought a new position in shares of Cleveland-Cliffs during the 1st quarter worth about $32,000. MYDA Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $871,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Cleveland-Cliffs by 31.8% during the 4th quarter. Cetera Investment Advisers now owns 53,613 shares of the mining company’s stock worth $1,167,000 after acquiring an additional 12,922 shares during the period. 56.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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.

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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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