Cleveland-Cliffs Inc. Expected to Earn Q1 2024 Earnings of $0.45 Per Share (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLFFree Report) – Stock analysts at Zacks Research raised their Q1 2024 EPS estimates for shares of Cleveland-Cliffs in a research note issued to investors on Wednesday, February 7th. Zacks Research analyst A. Barman now anticipates that the mining company will earn $0.45 per share for the quarter, up from their prior estimate of $0.35. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $2.27 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.50 EPS, Q4 2024 earnings at $0.57 EPS, FY2024 earnings at $2.18 EPS, Q2 2025 earnings at $0.51 EPS and FY2026 earnings at $2.47 EPS.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the previous year, the company earned ($0.30) EPS. Cleveland-Cliffs’s quarterly revenue was up 1.3% compared to the same quarter last year.

CLF has been the topic of a number of other reports. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday. Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a report on Tuesday, October 31st. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.63.

Check Out Our Latest Analysis on CLF

Cleveland-Cliffs Stock Down 2.3 %

Cleveland-Cliffs stock opened at $19.32 on Friday. Cleveland-Cliffs has a 1-year low of $13.61 and a 1-year high of $22.83. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 25.09 and a beta of 2.04. The firm’s fifty day moving average price is $19.12 and its two-hundred day moving average price is $16.91. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Ron A. Bloom bought 25,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the transaction, the director now directly owns 27,221 shares in the company, valued at approximately $550,953.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the business. Sheaff Brock Investment Advisors LLC increased its stake in shares of Cleveland-Cliffs by 21.8% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 45,937 shares of the mining company’s stock worth $938,000 after buying an additional 8,212 shares during the period. Anthracite Investment Company Inc. purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $1,021,000. Kingsview Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 10.8% in the fourth quarter. Kingsview Wealth Management LLC now owns 11,561 shares of the mining company’s stock worth $236,000 after buying an additional 1,124 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Cleveland-Cliffs by 101.8% in the fourth quarter. Quadrant Capital Group LLC now owns 4,608 shares of the mining company’s stock worth $94,000 after buying an additional 2,324 shares during the period. Finally, Janney Capital Management LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $404,000. 60.97% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

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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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