Cleveland-Cliffs (NYSE:CLF) Releases Earnings Results, Misses Estimates By $0.02 EPS

Cleveland-Cliffs (NYSE:CLF) posted its quarterly earnings data on Monday. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02), Briefing.com reports. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. Cleveland-Cliffs’s quarterly revenue was down 18.5% on a year-over-year basis.

Cleveland-Cliffs Trading Down 11.5 %

NYSE:CLF opened at $11.61 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $12.62 and its 200-day moving average is $14.58. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of -11.96 and a beta of 1.97. Cleveland-Cliffs has a 12 month low of $10.21 and a 12 month high of $22.97.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research analyst reports. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup reduced their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, Morgan Stanley lowered their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.56.

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.