What is KeyCorp’s Estimate for CLF FY2024 Earnings?

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at KeyCorp issued their FY2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a report issued on Tuesday, January 21st. KeyCorp analyst P. Gibbs forecasts 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.

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

Cleveland-Cliffs Stock Performance

CLF stock opened at $10.01 on Friday. The firm has a market cap of $4.94 billion, a P/E ratio of -10.31 and a beta of 1.97. The stock’s 50 day simple moving average is $10.65 and its 200 day simple moving average is $12.34. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CLF. Hodges Capital Management Inc. increased its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock worth $31,178,000 after acquiring an additional 391,109 shares during the period. JB Capital LLC increased its holdings in shares of Cleveland-Cliffs by 17.3% during the 4th quarter. JB Capital LLC now owns 102,248 shares of the mining company’s stock worth $961,000 after purchasing an additional 15,046 shares during the period. KG&L Capital Management LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $108,000. Concord Wealth Partners acquired a new stake in Cleveland-Cliffs during the fourth quarter worth about $122,000. Finally, Hunter Associates Investment Management LLC increased its stake in Cleveland-Cliffs by 271.3% during the fourth quarter. Hunter Associates Investment Management LLC now owns 47,900 shares of the mining company’s stock valued at $451,000 after acquiring an additional 35,000 shares during the period. Institutional investors own 67.68% of the company’s stock.

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.