Q4 EPS Estimates for Cleveland-Cliffs Lowered by B. Riley

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities researchers at B. Riley decreased their Q4 2024 earnings estimates for Cleveland-Cliffs in a report released on Tuesday, February 4th. B. Riley analyst N. Giles now expects that the mining company will earn ($0.66) per share for the quarter, down from their prior forecast of ($0.60). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.69) per share. B. Riley also issued estimates for Cleveland-Cliffs’ FY2025 earnings at ($0.20) EPS.

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

Several other brokerages have also weighed in on CLF. Glj Research raised 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 note on Tuesday, January 7th. 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 report on Thursday, December 19th. Morgan Stanley lowered their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target on the stock. Finally, StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.68.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.66 on Thursday. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of -10.98 and a beta of 1.96. The company’s 50-day moving average is $10.35 and its two-hundred day moving average is $12.00.

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently bought and sold shares of CLF. Strengthening Families & Communities LLC grew its stake in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at $34,000. Byrne Asset Management LLC raised its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs in the 4th quarter valued at about $44,000. 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.