Seaport Res Ptn Issues Pessimistic Estimate for CLF Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities researchers at Seaport Res Ptn cut their FY2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a research note issued to investors on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now forecasts that the mining company will post earnings of ($0.73) per share for the year, down from their previous forecast of ($0.50). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.67) 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.

Several other research analysts have also commented on CLF. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup reduced their price objective 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. Glj Research upgraded 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. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective on the stock. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.93.

Cleveland-Cliffs Stock Up 2.4 %

NYSE CLF opened at $9.96 on Thursday. Cleveland-Cliffs has a 52 week low of $8.99 and a 52 week high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business’s fifty day simple moving average is $10.67 and its 200-day simple moving average is $12.38. The firm has a market cap of $4.92 billion, a PE ratio of -10.26 and a beta of 1.97.

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

Institutional Trading of Cleveland-Cliffs

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. increased its stake in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. AQR Capital Management LLC grew its position in shares of Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after buying an additional 2,027,757 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cleveland-Cliffs by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after buying an additional 121,389 shares in the last quarter. Drexel Morgan & Co. grew its position in shares of Cleveland-Cliffs by 3.8% during the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after buying an additional 116,400 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after buying an additional 2,176,837 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.