Brokers Offer Predictions for Cleveland-Cliffs Inc.’s Q1 2024 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at Zacks Research issued their Q1 2024 earnings per share estimates for Cleveland-Cliffs in a report issued on Tuesday, April 16th. Zacks Research analyst A. Barman expects that the mining company will earn $0.18 per share for the quarter. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.63 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.47 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.58 EPS, Q2 2025 earnings at $0.52 EPS and Q4 2025 earnings at $0.83 EPS.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same period last year, the company earned ($0.30) earnings per share. The business’s revenue for the quarter was up 1.3% on a year-over-year basis.

A number of other equities analysts have also commented on CLF. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Wednesday, March 13th. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $19.92.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $21.21 on Thursday. Cleveland-Cliffs has a one year low of $13.61 and a one year high of $22.97. The business has a fifty day moving average price of $20.90 and a 200-day moving average price of $18.83. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The firm has a market capitalization of $10.08 billion, a P/E ratio of 27.54, a PEG ratio of 0.75 and a beta of 2.03.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arlene M. Yocum purchased 2,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders have sold 221,066 shares of company stock worth $4,464,688 over the last 90 days. Corporate insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of large investors have recently added to or reduced their stakes in CLF. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs during the third quarter valued at about $29,000. Anchor Investment Management LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth about $31,000. Lindbrook Capital LLC increased its holdings in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares during the period. Rise Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after buying an additional 1,429 shares during the period. Finally, HighMark Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.