Seaport Res Ptn Expects Weaker Earnings for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF) – Analysts at Seaport Res Ptn cut their FY2024 EPS estimates for Cleveland-Cliffs in a note issued to investors on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now anticipates that the mining company will post earnings per share of ($0.73) for the year, down from their previous forecast of ($0.50). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.71) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.69) EPS and FY2025 earnings at ($0.86) EPS.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share 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 analysts’ expectations 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 quarter in the previous year, the firm posted $0.54 earnings per share.

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

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $10.01 on Thursday. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -10.31 and a beta of 1.97. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock’s fifty day simple moving average is $10.65 and its 200-day simple moving average is $12.34.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Strengthening Families & Communities LLC raised its stake in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $34,000. Blue Trust Inc. boosted its holdings in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after buying an additional 2,539 shares during the period. Finally, GAMMA Investing LLC grew its stake in Cleveland-Cliffs by 1,190.6% in the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after buying an additional 4,917 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.