Q4 Earnings Estimate for Cleveland-Cliffs Issued By B. Riley

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at B. Riley decreased their Q4 2024 earnings per share (EPS) estimates for Cleveland-Cliffs in a research report issued to clients and investors on Tuesday, December 17th. B. Riley analyst L. Pipes now forecasts that the mining company will post earnings per share of ($0.60) for the quarter, down from their previous forecast of ($0.49). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.45) per share.

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

Several other analysts have also weighed in on CLF. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup dropped their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley dropped their price objective 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. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus target price of $17.22.

Cleveland-Cliffs Trading Up 0.5 %

NYSE CLF opened at $9.38 on Friday. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of -9.67 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs has a 12 month low of $9.13 and a 12 month high of $22.97. The company’s fifty day moving average price is $12.22 and its two-hundred day moving average price is $13.29.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Strengthening Families & Communities LLC lifted its stake in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at $26,000. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $34,000. Finally, Blue Trust Inc. lifted its holdings in shares of Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after purchasing an additional 2,539 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.