Cleveland-Cliffs Inc. Forecasted to Post FY2024 Earnings of $0.07 Per Share (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a research note issued on Tuesday, August 27th. Seaport Res Ptn analyst M. Englert now expects that the mining company will post earnings per share of $0.07 for the year, down from their previous forecast of $0.13. Seaport Res Ptn currently has a “Strong-Buy” rating on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $0.17 per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q1 2025 earnings at $0.31 EPS and FY2025 earnings at $0.98 EPS.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price target for the company. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Bank of America reduced their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. Finally, B. Riley reaffirmed a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $18.94.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $13.45 on Wednesday. The company has a market cap of $6.40 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03. The firm has a 50-day moving average of $14.51 and a 200-day moving average of $17.49. Cleveland-Cliffs has a one year low of $12.39 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. The business’s quarterly revenue was down 14.9% on a year-over-year basis.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was bought at an average cost of $14.98 per share, with a total value of $108,605.00. Following the purchase, the chief financial officer now owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently made changes to their positions in CLF. Russell Investments Group Ltd. increased its stake in shares of Cleveland-Cliffs by 45.8% in the 4th quarter. Russell Investments Group Ltd. now owns 215,644 shares of the mining company’s stock valued at $4,407,000 after purchasing an additional 67,697 shares during the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Cleveland-Cliffs by 1.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 140,181 shares of the mining company’s stock worth $2,862,000 after acquiring an additional 2,472 shares during the last quarter. Sage Rhino Capital LLC boosted its stake in shares of Cleveland-Cliffs by 9.2% in the 4th quarter. Sage Rhino Capital LLC now owns 14,266 shares of the mining company’s stock valued at $291,000 after purchasing an additional 1,202 shares in the last quarter. Great Valley Advisor Group Inc. bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $357,000. Finally, Natixis Advisors L.P. increased its position in Cleveland-Cliffs by 6.6% during the 4th quarter. Natixis Advisors L.P. now owns 42,325 shares of the mining company’s stock worth $864,000 after purchasing an additional 2,620 shares in 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.