B. Riley Decreases Earnings Estimates for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF) – Analysts at B. Riley reduced their Q4 2024 earnings estimates for shares of Cleveland-Cliffs in a research note issued to investors on Tuesday, February 4th. B. Riley analyst N. Giles now forecasts that the mining company will post earnings per share of ($0.66) for the quarter, down from their previous 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.

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

Cleveland-Cliffs Trading Down 0.8 %

Shares of CLF opened at $10.44 on Thursday. The business’s 50-day moving average price is $10.38 and its 200-day moving average price is $12.01. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs has a twelve month low of $8.99 and a twelve month high of $22.97. The stock has a market cap of $5.16 billion, a PE ratio of -10.76 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last issued 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period last year, the company posted $0.54 EPS. The business’s revenue for the quarter was down 18.5% on a year-over-year basis.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently modified their holdings of CLF. Strengthening Families & Communities LLC grew its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs during the third quarter valued at approximately $34,000. Byrne Asset Management LLC raised its holdings in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in Cleveland-Cliffs in the 4th quarter valued at approximately $44,000. 67.68% of the stock is currently owned by 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.