What is KeyCorp’s Estimate for CLF FY2024 Earnings?

Cleveland-Cliffs Inc. (NYSE:CLFFree Report) – Stock analysts at KeyCorp issued their FY2024 earnings per share estimates for Cleveland-Cliffs in a report issued on Tuesday, January 21st. KeyCorp analyst P. Gibbs expects that the mining company will earn ($0.56) per share for the year. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.71) per share.

Several other analysts have also recently weighed in on CLF. Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a research report on Tuesday, January 7th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.93.

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Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $10.01 on Friday. The company’s fifty day moving average is $10.65 and its 200 day moving average is $12.32. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs has a 52 week low of $8.99 and a 52 week high of $22.97. The stock has a market cap of $4.94 billion, a PE ratio of -10.31 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its position in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after purchasing an additional 134,939 shares during the last quarter. Twelve Points Wealth Management LLC grew its stake in Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after acquiring an additional 49,359 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after acquiring an additional 187,957 shares during the period. Rockefeller Capital Management L.P. purchased a new position in shares of Cleveland-Cliffs during the third quarter worth approximately $22,122,000. Finally, First Dallas Securities Inc. raised its stake in shares of Cleveland-Cliffs by 27.9% during the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after acquiring an additional 45,150 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other 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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