Seaport Res Ptn Predicts Lower Earnings for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF) – Research analysts at Seaport Res Ptn reduced their FY2024 earnings per share (EPS) estimates for Cleveland-Cliffs in a report issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now anticipates that the mining company will post earnings per share of ($0.73) for the year, down from their previous estimate of ($0.50). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.67) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.69) EPS and FY2025 earnings at ($0.86) EPS.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data 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). The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s quarterly revenue was down 18.5% compared to the same quarter last year. During the same period last year, the business earned $0.54 earnings per share.

A number of other equities analysts have also commented on the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a research report on Tuesday, January 7th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Citigroup cut their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $16.93.

Cleveland-Cliffs Stock Down 3.6 %

Shares of CLF stock opened at $9.72 on Thursday. Cleveland-Cliffs has a 1 year low of $8.99 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock’s 50 day simple moving average is $10.70 and its two-hundred day simple moving average is $12.39.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. raised its position in shares of Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after acquiring an additional 3,110,651 shares in the last quarter. Barclays PLC grew its holdings in Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after acquiring an additional 2,176,837 shares during the period. AQR Capital Management LLC raised its position in Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after acquiring an additional 2,027,757 shares in the last quarter. Stonegate Investment Group LLC acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at $18,999,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth $22,122,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.