What is Seaport Res Ptn’s Forecast for CLF FY2024 Earnings?

Cleveland-Cliffs Inc. (NYSE:CLF) – Research analysts at Seaport Res Ptn lowered their FY2024 earnings estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Monday, February 3rd. Seaport Res Ptn analyst M. Englert now expects that the mining company will earn ($0.77) per share for the year, down from their previous forecast of ($0.73). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.69) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.73) EPS, Q1 2025 earnings at ($0.42) EPS, Q2 2025 earnings at ($0.19) EPS, Q3 2025 earnings at ($0.17) EPS and Q4 2025 earnings at ($0.08) EPS.

Other analysts also recently issued reports about the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a report on Tuesday, January 7th. Citigroup reduced 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. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. 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 for the company. Finally, Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $10.44 on Thursday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $10.38 and a 200 day simple moving average of $12.01. The company has a market cap of $5.16 billion, a P/E ratio of -10.76 and a beta of 1.96. Cleveland-Cliffs has a 1 year low of $8.99 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Cleveland-Cliffs’s quarterly revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $1,010,000. Peddock Capital Advisors LLC increased its stake in shares of Cleveland-Cliffs by 7.4% in the third quarter. Peddock Capital Advisors LLC now owns 20,229 shares of the mining company’s stock valued at $258,000 after buying an additional 1,396 shares during the period. Daymark Wealth Partners LLC increased its stake in shares of Cleveland-Cliffs by 19.7% in the third quarter. Daymark Wealth Partners LLC now owns 21,435 shares of the mining company’s stock valued at $274,000 after buying an additional 3,535 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Cleveland-Cliffs by 594.1% in the third quarter. Hexagon Capital Partners LLC now owns 11,800 shares of the mining company’s stock valued at $151,000 after buying an additional 10,100 shares during the period. Finally, Unison Advisors LLC acquired a new stake in Cleveland-Cliffs during the 3rd quarter valued at approximately $788,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.