Cleveland-Cliffs Inc to Post Q3 2019 Earnings of $0.55 Per Share, B. Riley Forecasts (CLF)

Cleveland-Cliffs Inc (NYSE:CLF) – Analysts at B. Riley decreased their Q3 2019 earnings per share (EPS) estimates for Cleveland-Cliffs in a research report issued on Monday, February 11th. B. Riley analyst L. Pipes now anticipates that the mining company will post earnings of $0.55 per share for the quarter, down from their previous estimate of $0.56. B. Riley currently has a “Buy” rating and a $14.00 target price on the stock. B. Riley also issued estimates for Cleveland-Cliffs’ FY2021 earnings at $1.73 EPS.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Friday, February 8th. The mining company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.02). Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The company had revenue of $696.30 million during the quarter, compared to analyst estimates of $721.52 million. During the same quarter in the prior year, the company earned $1.07 EPS. The business’s revenue was up 36.0% on a year-over-year basis.

A number of other equities research analysts have also recently commented on CLF. Zacks Investment Research cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Monday, December 10th. ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Jefferies Financial Group upped their target price on shares of Cleveland-Cliffs from $11.50 to $13.75 and gave the company a “buy” rating in a report on Friday. Vertical Group set a $5.00 target price on shares of Cleveland-Cliffs and gave the company a “sell” rating in a report on Tuesday, October 23rd. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $13.00 target price on shares of Cleveland-Cliffs in a report on Monday, October 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $11.98.

Shares of NYSE:CLF opened at $11.65 on Tuesday. Cleveland-Cliffs has a one year low of $6.40 and a one year high of $13.10. The company has a debt-to-equity ratio of 4.93, a current ratio of 3.16 and a quick ratio of 2.77. The stock has a market capitalization of $3.53 billion, a PE ratio of 5.47 and a beta of 1.82.

A number of hedge funds and other institutional investors have recently bought and sold shares of CLF. Northern Trust Corp raised its holdings in Cleveland-Cliffs by 1.8% during the second quarter. Northern Trust Corp now owns 3,587,377 shares of the mining company’s stock worth $30,242,000 after purchasing an additional 62,128 shares in the last quarter. United Services Automobile Association grew its position in Cleveland-Cliffs by 53.4% during the second quarter. United Services Automobile Association now owns 296,967 shares of the mining company’s stock worth $2,503,000 after buying an additional 103,400 shares during the period. Bank of Montreal Can grew its position in Cleveland-Cliffs by 19.1% during the third quarter. Bank of Montreal Can now owns 70,665 shares of the mining company’s stock worth $894,000 after buying an additional 11,333 shares during the period. NJ State Employees Deferred Compensation Plan acquired a new position in Cleveland-Cliffs during the third quarter worth about $481,000. Finally, Foundry Partners LLC acquired a new position in Cleveland-Cliffs during the third quarter worth about $7,287,000. 70.96% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs declared that its Board of Directors has authorized a stock repurchase program on Monday, November 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the mining company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is 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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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

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