Cleveland-Cliffs Inc. Expected to Post Q2 2024 Earnings of $0.11 Per Share (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at B. Riley reduced their Q2 2024 earnings per share (EPS) estimates for Cleveland-Cliffs in a report issued on Tuesday, April 30th. B. Riley analyst L. Pipes now expects that the mining company will earn $0.11 per share for the quarter, down from their previous forecast of $0.39. B. Riley currently has a “Buy” rating and a $24.00 target price on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.22 per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q3 2024 earnings at $0.31 EPS, FY2025 earnings at $1.83 EPS and FY2026 earnings at $2.15 EPS.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same period last year, the business earned ($0.11) EPS. The firm’s revenue was down 1.8% compared to the same quarter last year.

CLF has been the topic of a number of other reports. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a research report on Wednesday, February 28th. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research report on Wednesday, March 13th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. reduced their target price on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Finally, Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs Trading Up 1.9 %

NYSE CLF opened at $17.60 on Thursday. The company’s fifty day simple moving average is $20.67 and its 200-day simple moving average is $19.05. Cleveland-Cliffs has a 52 week low of $13.61 and a 52 week high of $22.97. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The stock has a market cap of $8.37 billion, a P/E ratio of 23.78, a PEG ratio of 0.79 and a beta of 2.10.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the company. Exchange Traded Concepts LLC bought a new position in shares of Cleveland-Cliffs during the third quarter worth about $29,000. Anchor Investment Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $31,000. Lindbrook Capital LLC grew its position in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares during the last quarter. Rise Advisors LLC grew its position in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $35,000. Institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Terry G. Fedor sold 27,430 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs announced that its board has authorized a stock repurchase program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.