Cleveland-Cliffs Inc. Forecasted to Post Q3 2024 Earnings of ($0.16) Per Share (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at B. Riley issued their Q3 2024 EPS estimates for Cleveland-Cliffs in a report released on Tuesday, July 30th. B. Riley analyst L. Pipes forecasts that the mining company will post earnings per share of ($0.16) for the quarter. B. Riley has a “Buy” rating and a $23.00 price objective on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $0.17 per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.19) EPS.

CLF has been the subject of a number of other reports. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, Bank of America dropped their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.44.

Cleveland-Cliffs Price Performance

CLF stock opened at $13.95 on Friday. The company has a market capitalization of $6.53 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03. The company’s fifty day moving average price is $15.52 and its 200-day moving average price is $18.24. Cleveland-Cliffs has a one year low of $13.80 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The business’s quarterly revenue was down 14.9% compared to the same quarter last year.

Cleveland-Cliffs declared that its Board of Directors has initiated a stock buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Cleveland-Cliffs

In other news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the acquisition, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the purchase, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors have recently bought and sold shares of the company. Perigon Wealth Management LLC acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $839,000. Quest Partners LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth $71,000. Raymond James & Associates grew its stake in Cleveland-Cliffs by 13.0% during the 4th quarter. Raymond James & Associates now owns 626,207 shares of the mining company’s stock valued at $12,787,000 after purchasing an additional 72,185 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after purchasing an additional 177,198 shares during the last quarter. Finally, Natixis purchased a new stake in Cleveland-Cliffs in the first quarter valued at approximately $100,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.