B. Riley Brokers Cut Earnings Estimates for Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – B. Riley cut their Q3 2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a report issued on Tuesday, September 24th. B. Riley analyst L. Pipes now expects that the mining company will post earnings per share of ($0.28) for the quarter, down from their previous estimate of ($0.16). B. Riley has a “Buy” rating and a $23.00 price objective on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.03) per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.20) EPS and FY2025 earnings at $0.99 EPS.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion during 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%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the company earned $0.69 EPS.

A number of other equities research analysts also recently commented on the stock. Bank of America cut their target price 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. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, Citigroup reduced 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 report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $12.77 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company has a 50 day moving average price of $13.01 and a 200-day moving average price of $16.26. Cleveland-Cliffs has a 52 week low of $10.21 and a 52 week high of $22.97. The firm has a market capitalization of $6.07 billion, a PE ratio of 17.26 and a beta of 1.97.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CLF. Corient Private Wealth LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at about $697,000. Quest Partners LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth approximately $71,000. TD Asset Management Inc boosted its stake in Cleveland-Cliffs by 25.7% in the 4th quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock worth $931,000 after purchasing an additional 9,312 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Cleveland-Cliffs by 2.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 228,113 shares of the mining company’s stock valued at $4,658,000 after buying an additional 4,899 shares during the last quarter. Finally, Bank of Nova Scotia bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $22,937,000. Hedge funds and other 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.