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

Cleveland-Cliffs (NYSE:CLF) is scheduled to be announcing its earnings results after the market closes on Monday, April 22nd. Analysts expect the company to announce earnings of $0.28 per share for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm 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%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.30) earnings per share. 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 stock has a market cap of $10.29 billion, a P/E ratio of 28.10, a price-to-earnings-growth ratio of 0.77 and a beta of 2.03. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. The stock’s 50-day moving average is $20.82 and its 200-day moving average is $18.74. Cleveland-Cliffs has a 1-year low of $13.61 and a 1-year high of $22.97.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom purchased 25,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were purchased at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the acquisition, the director now owns 27,221 shares of the company’s stock, valued at $550,953.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cleveland-Cliffs news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the acquisition, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ron A. Bloom purchased 25,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were acquired at an average price of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the acquisition, the director now directly owns 27,221 shares in the company, valued at approximately $550,953.04. The disclosure for this purchase can be found here. Insiders have sold 221,066 shares of company stock worth $4,464,688 over the last ninety days. Insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of CLF. State Street Corp raised its position in shares of Cleveland-Cliffs by 18.6% during the second quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock worth $322,771,000 after purchasing an additional 3,295,448 shares during the period. Norges Bank acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $50,678,000. Price T Rowe Associates Inc. MD raised its position in shares of Cleveland-Cliffs by 801.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,608,984 shares of the mining company’s stock worth $53,277,000 after purchasing an additional 2,319,486 shares during the period. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 5.4% during the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock worth $1,433,561,000 after purchasing an additional 2,276,018 shares during the period. Finally, BlackRock Inc. raised its position in shares of Cleveland-Cliffs by 3.8% during the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock worth $1,034,787,000 after purchasing an additional 2,041,111 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CLF has been the topic of several research reports. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a report on Wednesday, March 13th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two equities research 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $19.92.

Cleveland-Cliffs Company Profile

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.