Cleveland-Cliffs Inc. (NYSE:CLF) Forecasted to Post Q3 2024 Earnings of ($0.24) Per Share

Cleveland-Cliffs Inc. (NYSE:CLF) – Analysts at Seaport Res Ptn lowered their Q3 2024 earnings per share estimates for Cleveland-Cliffs in a research report issued to clients and investors on Tuesday, August 27th. Seaport Res Ptn analyst M. Englert now expects that the mining company will earn ($0.24) per share for the quarter, down from their prior estimate of ($0.14). 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’ Q4 2024 earnings at $0.02 EPS, Q2 2025 earnings at $0.28 EPS, Q3 2025 earnings at $0.22 EPS and Q4 2025 earnings at $0.16 EPS.

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

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $13.45 on Thursday. The company has a market capitalization of $6.40 billion, a P/E ratio of 18.18, a P/E/G ratio of 1.94 and a beta of 2.03. The company’s 50-day simple moving average is $14.51 and its two-hundred day simple moving average is $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 released its 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 business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the firm posted $0.69 earnings per share. The business’s revenue was down 14.9% compared to the same quarter last year.

Insider Buying and Selling at Cleveland-Cliffs

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CLF. Rise Advisors LLC raised its position in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the period. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $26,000. Hexagon Capital Partners LLC lifted its holdings in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in Cleveland-Cliffs in the first quarter valued at $45,000. Institutional investors and hedge funds 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.