Analysts Anticipate Cleveland-Cliffs Inc (CLF) to Post -$0.20 EPS

Analysts expect that Cleveland-Cliffs Inc (NYSE:CLF) will announce earnings per share (EPS) of ($0.20) for the current quarter, Zacks reports. Two analysts have provided estimates for Cleveland-Cliffs’ earnings, with the highest EPS estimate coming in at ($0.15) and the lowest estimate coming in at ($0.29). Cleveland-Cliffs reported earnings per share of ($0.11) in the same quarter last year, which would indicate a negative year over year growth rate of 81.8%. The company is expected to announce its next quarterly earnings report on Thursday, April 26th.

On average, analysts expect that Cleveland-Cliffs will report full-year earnings of $1.02 per share for the current financial year, with EPS estimates ranging from $0.82 to $1.26. For the next fiscal year, analysts forecast that the firm will report earnings of $1.00 per share, with EPS estimates ranging from $0.88 to $1.13. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.11. Cleveland-Cliffs had a net margin of 16.09% and a negative return on equity of 35.92%. The business had revenue of $600.90 million during the quarter, compared to analysts’ expectations of $612.50 million. During the same period last year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was down 20.3% on a year-over-year basis.

CLF has been the subject of a number of research reports. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Wednesday, November 1st. ValuEngine cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Credit Suisse Group upgraded shares of Cleveland-Cliffs from an “underperform” rating to an “outperform” rating in a report on Wednesday, February 7th. Zacks Investment Research cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Finally, Cowen restated a “market perform” rating and issued a $9.00 price objective (up previously from $7.00) on shares of Cleveland-Cliffs in a report on Friday, January 26th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Cleveland-Cliffs currently has a consensus rating of “Hold” and an average price target of $9.63.

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Cleveland-Cliffs by 4.0% in the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock valued at $145,592,000 after purchasing an additional 774,210 shares in the last quarter. State Street Corp grew its holdings in Cleveland-Cliffs by 6.5% during the 2nd quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock worth $74,189,000 after acquiring an additional 653,261 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Cleveland-Cliffs by 20.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock worth $43,581,000 after acquiring an additional 1,056,056 shares in the last quarter. Northern Trust Corp grew its holdings in Cleveland-Cliffs by 16.8% during the 2nd quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock worth $34,446,000 after acquiring an additional 717,021 shares in the last quarter. Finally, Gendell Jeffrey L grew its holdings in Cleveland-Cliffs by 5.6% during the 4th quarter. Gendell Jeffrey L now owns 3,236,976 shares of the mining company’s stock worth $23,339,000 after acquiring an additional 170,332 shares in the last quarter. Hedge funds and other institutional investors own 56.74% of the company’s stock.

Shares of Cleveland-Cliffs (NYSE:CLF) traded up $0.16 on Tuesday, hitting $7.10. 8,357,257 shares of the company’s stock were exchanged, compared to its average volume of 16,848,811. Cleveland-Cliffs has a 1-year low of $5.56 and a 1-year high of $12.22. The firm has a market capitalization of $2,100.00, a PE ratio of 5.45 and a beta of 1.58. The company has a current ratio of 3.42, a quick ratio of 2.80 and a debt-to-equity ratio of -5.28.

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About Cleveland-Cliffs

Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.

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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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