Q3 2024 EPS Estimates for Cleveland-Cliffs Inc. Decreased by Analyst (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Investment analysts at Zacks Research lowered their Q3 2024 EPS estimates for shares of Cleveland-Cliffs in a research note issued on Monday, September 23rd. Zacks Research analyst A. Barman now forecasts that the mining company will earn ($0.30) per share for the quarter, down from their prior forecast of ($0.06). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.03) per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.19) EPS, FY2024 earnings at ($0.20) EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.25 EPS, FY2025 earnings at $0.52 EPS, Q1 2026 earnings at $0.17 EPS and FY2026 earnings at $1.26 EPS.

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. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share.

Other research analysts have also recently issued reports about the company. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, Bank of America lowered their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $12.24 on Thursday. The firm has a market capitalization of $5.73 billion, a PE ratio of 16.54 and a beta of 1.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a 1-year low of $10.21 and a 1-year high of $22.97. The business’s 50 day moving average is $13.11 and its 200-day moving average is $16.34.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CLF. Corient Private Wealth LLC bought a new position in Cleveland-Cliffs in the 4th quarter valued at $697,000. Quest Partners LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at about $71,000. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Cleveland-Cliffs by 28.5% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 305,173 shares of the mining company’s stock valued at $6,232,000 after buying an additional 67,747 shares during the last quarter. United Services Automobile Association lifted its position in Cleveland-Cliffs by 14.4% during the 4th quarter. United Services Automobile Association now owns 41,111 shares of the mining company’s stock worth $839,000 after buying an additional 5,177 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in Cleveland-Cliffs by 25.7% during the 4th quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock worth $931,000 after acquiring an additional 9,312 shares during the last quarter. Institutional investors 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.