Cleveland-Cliffs (NYSE:CLF) Posts Quarterly Earnings Results

Cleveland-Cliffs (NYSE:CLF) posted its earnings results on Monday. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01), Briefing.com reports. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter in the prior year, the company earned ($0.11) EPS. The company’s revenue was down 1.8% on a year-over-year basis.

Cleveland-Cliffs Stock Up 0.2 %

Shares of NYSE CLF opened at $20.86 on Tuesday. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. Cleveland-Cliffs has a 12-month low of $13.61 and a 12-month high of $22.97. The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of 27.08, a P/E/G ratio of 0.72 and a beta of 2.03. The firm’s 50-day moving average price is $20.98 and its 200-day moving average price is $18.98.

Insider Buying and Selling

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares of the company’s stock, valued at $10,793,917.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Insiders have sold 221,066 shares of company stock valued at $4,464,688 in the last ninety days. 1.76% of the stock is owned by company insiders.

Analysts Set New Price Targets

CLF has been the topic of a number of research reports. StockNews.com upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.92.

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.