B. Riley Forecasts Cleveland-Cliffs’ Q4 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at B. Riley decreased their Q4 2024 earnings per share estimates for shares of Cleveland-Cliffs in a note issued to investors on Tuesday, February 4th. B. Riley analyst N. Giles now expects that the mining company will earn ($0.66) per share for the quarter, down from their prior estimate of ($0.60). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.69) per share. B. Riley also issued estimates for Cleveland-Cliffs’ FY2025 earnings at ($0.20) EPS.

A number of other research firms have also recently weighed in on CLF. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target on the stock. Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.66 on Thursday. The firm’s fifty day simple moving average is $10.35 and its 200-day simple moving average is $12.00. Cleveland-Cliffs has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $5.26 billion, a PE ratio of -10.98 and a beta of 1.96.

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

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Franklin Resources Inc. grew its holdings in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC bought a new stake in Cleveland-Cliffs in the fourth quarter valued at about $18,999,000. Twelve Points Wealth Management LLC raised its stake in Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after buying an additional 49,359 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after buying an additional 187,957 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $22,122,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.