Cleveland-Cliffs (NYSE:CLF) Announces Earnings Results

Cleveland-Cliffs (NYSE:CLF) announced its quarterly earnings results on Monday. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02), Briefing.com reports. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $14.10 on Thursday. The stock has a market cap of $6.60 billion, a price-to-earnings ratio of -14.37 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The stock has a 50 day moving average price of $12.63 and a 200-day moving average price of $14.58. Cleveland-Cliffs has a one year low of $10.21 and a one year high of $22.97.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CLF shares. Morgan Stanley reduced their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Citigroup reduced their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.56.

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.