$213.88 Million in Sales Expected for Cleveland-Cliffs Inc (CLF) This Quarter

Brokerages expect Cleveland-Cliffs Inc (NYSE:CLF) to post sales of $213.88 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $193.50 million and the highest is $234.25 million. Cleveland-Cliffs reported sales of $461.60 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 53.7%. The firm is expected to report its next quarterly earnings results on Thursday, April 26th.

According to Zacks, analysts expect that Cleveland-Cliffs will report full year sales of $213.88 million for the current fiscal year, with estimates ranging from $1.92 billion to $2.46 billion. For the next year, analysts forecast that the business will report sales of $2.03 billion per share, with estimates ranging from $1.76 billion to $2.52 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Cleveland-Cliffs.

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

A number of research firms have issued reports on CLF. B. Riley reiterated a “buy” rating and issued a $11.00 target price (up from $10.00) on shares of Cleveland-Cliffs in a research note on Friday, January 5th. Credit Suisse Group upgraded Cleveland-Cliffs from an “underperform” rating to an “outperform” rating in a research note on Wednesday, February 7th. Zacks Investment Research cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. ValuEngine cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Finally, FBR & Co reiterated a “buy” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research note on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $9.63.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC raised its stake in shares of Cleveland-Cliffs by 19.0% during the second quarter. Voya Investment Management LLC now owns 137,280 shares of the mining company’s stock valued at $950,000 after purchasing an additional 21,881 shares in the last quarter. State Street Corp raised its stake in shares of Cleveland-Cliffs by 6.5% during the second quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock valued at $74,189,000 after purchasing an additional 653,261 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Cleveland-Cliffs during the third quarter valued at about $1,195,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of Cleveland-Cliffs by 7.9% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 571,695 shares of the mining company’s stock valued at $4,122,000 after purchasing an additional 42,100 shares in the last quarter. Finally, James Investment Research Inc. raised its stake in shares of Cleveland-Cliffs by 27.9% during the fourth quarter. James Investment Research Inc. now owns 786,838 shares of the mining company’s stock valued at $5,673,000 after purchasing an additional 171,817 shares in the last quarter. Institutional investors and hedge funds own 56.74% of the company’s stock.

Cleveland-Cliffs (NYSE:CLF) opened at $7.32 on Thursday. The company has a market cap of $2,170.00, a price-to-earnings ratio of 5.63 and a beta of 1.58. The company has a quick ratio of 2.80, a current ratio of 3.42 and a debt-to-equity ratio of -5.28. Cleveland-Cliffs has a 1-year low of $5.56 and a 1-year high of $12.22.

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Cleveland-Cliffs Company Profile

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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