Equities research analysts expect Cleveland-Cliffs Inc (NYSE:CLF) to announce sales of $781.53 million for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Cleveland-Cliffs’ earnings, with the highest sales estimate coming in at $823.50 million and the lowest estimate coming in at $729.00 million. Cleveland-Cliffs posted sales of $600.90 million in the same quarter last year, which suggests a positive year over year growth rate of 30.1%. The company is expected to announce its next earnings report on Thursday, January 24th.
According to Zacks, analysts expect that Cleveland-Cliffs will report full year sales of $2.45 billion for the current financial year, with estimates ranging from $2.35 billion to $2.52 billion. For the next year, analysts expect that the company will post sales of $2.27 billion, with estimates ranging from $2.10 billion to $2.49 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Friday, October 19th. The mining company reported $0.64 EPS for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The business had revenue of $742.00 million for the quarter, compared to the consensus estimate of $736.06 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis.
A number of brokerages recently issued reports on CLF. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Tuesday, October 9th. ValuEngine cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Vertical Group set a $5.00 price objective on Cleveland-Cliffs and gave the company a “sell” rating in a research note on Tuesday, October 23rd. Credit Suisse Group restated a “neutral” rating and issued a $13.00 price objective on shares of Cleveland-Cliffs in a research note on Monday, October 15th. Finally, Morgan Stanley set a $11.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. Cleveland-Cliffs has an average rating of “Hold” and an average price target of $11.55.
A number of hedge funds have recently bought and sold shares of the business. Carnegie Capital Asset Management LLC grew its holdings in shares of Cleveland-Cliffs by 45.8% during the third quarter. Carnegie Capital Asset Management LLC now owns 70,013 shares of the mining company’s stock worth $713,000 after purchasing an additional 21,989 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Cleveland-Cliffs by 14.8% during the third quarter. Vanguard Group Inc. now owns 30,220,875 shares of the mining company’s stock worth $382,597,000 after purchasing an additional 3,885,273 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Cleveland-Cliffs by 7.9% during the third quarter. Legal & General Group Plc now owns 260,273 shares of the mining company’s stock worth $3,295,000 after purchasing an additional 19,072 shares in the last quarter. Griffin Asset Management Inc. grew its holdings in shares of Cleveland-Cliffs by 16.6% during the third quarter. Griffin Asset Management Inc. now owns 228,810 shares of the mining company’s stock worth $2,897,000 after purchasing an additional 32,500 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Cleveland-Cliffs by 4.8% during the third quarter. Nordea Investment Management AB now owns 875,941 shares of the mining company’s stock worth $11,090,000 after purchasing an additional 39,882 shares in the last quarter. 69.44% of the stock is owned by institutional investors and hedge funds.
Shares of Cleveland-Cliffs stock opened at $9.44 on Friday. Cleveland-Cliffs has a 52-week low of $5.96 and a 52-week high of $13.10. The stock has a market capitalization of $2.65 billion, a P/E ratio of 18.88 and a beta of 1.63.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, January 4th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, January 3rd.
Cleveland-Cliffs declared that its board has authorized a share buyback plan on Monday, November 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the mining company to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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