Q2 2024 Earnings Forecast for Cleveland-Cliffs Inc. (NYSE:CLF) Issued By Zacks Research

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at Zacks Research reduced their Q2 2024 earnings estimates for shares of Cleveland-Cliffs in a research report issued on Monday, May 6th. Zacks Research analyst A. Barman now forecasts that the mining company will earn $0.14 per share for the quarter, down from their prior forecast of $0.47. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.22 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q3 2024 earnings at $0.30 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.90 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.44 EPS, Q1 2026 earnings at $0.51 EPS and FY2026 earnings at $2.28 EPS.

A number of other brokerages also recently issued reports on CLF. B. Riley lowered their price objective on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Morgan Stanley cut their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Citigroup lowered 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. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. Finally, TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.42.

Cleveland-Cliffs Stock Down 0.4 %

Shares of NYSE:CLF opened at $17.24 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. Cleveland-Cliffs has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a market capitalization of $8.20 billion, a PE ratio of 23.30, a price-to-earnings-growth ratio of 0.83 and a beta of 2.10. The company has a fifty day moving average of $20.42 and a 200-day moving average of $19.15.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 22nd. The mining company reported $0.18 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 the consensus estimate of $5.34 billion. During the same period in the prior year, the business earned ($0.11) earnings per share. Cleveland-Cliffs’s quarterly revenue was down 1.8% compared to the same quarter last year.

Cleveland-Cliffs declared that its Board of Directors has authorized a stock buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the mining company to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Cleveland-Cliffs

In other news, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the 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 completion of the sale, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the transaction, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 87,000 shares of company stock valued at $1,470,640 and sold 221,066 shares valued at $4,464,688. 1.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cleveland-Cliffs by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after purchasing an additional 476 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares during the period. Dorsey & Whitney Trust CO LLC increased its position in Cleveland-Cliffs by 2.3% during the third quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock valued at $427,000 after acquiring an additional 609 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cleveland-Cliffs by 0.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after purchasing an additional 612 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

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.