Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) – Analysts at KeyCorp dropped their Q4 2022 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a research note issued to investors on Monday, November 21st. KeyCorp analyst P. Gibbs now forecasts that the mining company will post earnings per share of ($0.28) for the quarter, down from their previous forecast of ($0.23). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $3.04 per share.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last released its quarterly earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.39). The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.79 billion. Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.33 earnings per share.
A number of other analysts have also commented on the company. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, October 6th. B. Riley decreased their price objective on shares of Cleveland-Cliffs from $32.00 to $26.00 in a report on Wednesday, October 26th. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price target for the company. in a report on Tuesday, October 18th. Wolfe Research downgraded Cleveland-Cliffs from a “peer perform” rating to an “underperform” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, November 2nd. Finally, Credit Suisse Group dropped their price target on Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 21st. Three research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus target price of $20.42.
Cleveland-Cliffs Stock Performance
Cleveland-Cliffs stock opened at $15.90 on Thursday. Cleveland-Cliffs has a 12-month low of $11.82 and a 12-month high of $34.04. The stock has a 50-day simple moving average of $14.48 and a 200 day simple moving average of $17.11. The company has a quick ratio of 0.78, a current ratio of 2.33 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $8.19 billion, a price-to-earnings ratio of 3.45 and a beta of 2.18.
Institutional Investors Weigh In On Cleveland-Cliffs
Institutional investors and hedge funds have recently modified their holdings of the company. Sound Shore Management Inc CT acquired a new position in Cleveland-Cliffs during the third quarter worth approximately $65,050,000. GQG Partners LLC bought a new position in shares of Cleveland-Cliffs during the first quarter worth approximately $130,587,000. Renaissance Technologies LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth $47,225,000. State Street Corp raised its stake in Cleveland-Cliffs by 18.6% in the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock worth $322,771,000 after purchasing an additional 3,295,448 shares in the last quarter. Finally, Contrarius Investment Management Ltd acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $98,218,000. 61.21% of the stock is owned by institutional investors.
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.
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