Q2 2024 EPS Estimates for Cleveland-Cliffs Inc. (NYSE:CLF) Decreased by Analyst

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at B. Riley lowered their Q2 2024 earnings per share estimates for Cleveland-Cliffs in a research note issued to investors on Tuesday, June 25th. B. Riley analyst L. Pipes now forecasts that the mining company will post earnings of ($0.01) per share for the quarter, down from their previous estimate of $0.11. B. Riley currently has a “Buy” rating and a $23.00 target price on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $0.48 per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q3 2024 earnings at $0.00 EPS and Q4 2024 earnings at $0.27 EPS.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. Cleveland-Cliffs’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share.

Several other brokerages have also recently weighed in on CLF. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research note on Wednesday, March 13th. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Wolfe Research reissued an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, Morgan Stanley dropped their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $19.44.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $14.93 on Thursday. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 0.64 and a beta of 2.08. The business’s fifty day moving average is $16.86 and its 200 day moving average is $19.01. Cleveland-Cliffs has a twelve month low of $13.84 and a twelve month high of $22.97. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently bought and sold shares of the business. Perigon Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth $839,000. GSA Capital Partners LLP purchased a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth $2,188,000. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 108.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 343,465 shares of the mining company’s stock worth $5,368,000 after buying an additional 178,864 shares during the period. Quest Partners LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth $71,000. Finally, Raymond James & Associates lifted its holdings in shares of Cleveland-Cliffs by 13.0% in the 4th quarter. Raymond James & Associates now owns 626,207 shares of the mining company’s stock worth $12,787,000 after buying an additional 72,185 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Activity

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were bought at an average price of $17.00 per share, with a total value of $425,000.00. Following the purchase, the director now owns 59,900 shares of the company’s stock, valued at $1,018,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the acquisition, the chief executive officer now directly owns 2,759,089 shares in the company, valued at $46,242,331.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ron A. Bloom acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were acquired at an average price of $17.00 per share, with a total value of $425,000.00. Following the acquisition, the director now owns 59,900 shares in the company, valued at $1,018,300. The disclosure for this purchase can be found here. Insiders have purchased a total of 98,950 shares of company stock valued at $1,639,638 in the last ninety days. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs declared that its board has approved a stock buyback program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

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.