B. Riley Decreases Earnings Estimates for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at B. Riley lowered their Q4 2024 earnings per share estimates for shares of Cleveland-Cliffs in a report released on Tuesday, December 17th. B. Riley analyst L. Pipes now anticipates that the mining company will earn ($0.60) per share for the quarter, down from their previous forecast of ($0.49). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.45) per share.

Other equities analysts also recently issued research reports about the company. Citigroup lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.22.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $9.38 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $4.63 billion, a P/E ratio of -9.67 and a beta of 1.92. The business has a 50-day moving average of $12.22 and a two-hundred day moving average of $13.29. Cleveland-Cliffs has a fifty-two week low of $9.13 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 earnings per share.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Altus Wealth Group LLC grew its position in shares of Cleveland-Cliffs by 7.2% during the 3rd quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock worth $152,000 after buying an additional 800 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in Cleveland-Cliffs by 7.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after acquiring an additional 949 shares during the period. Clear Creek Financial Management LLC raised its position in shares of Cleveland-Cliffs by 6.9% during the second quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock worth $238,000 after purchasing an additional 1,000 shares during the period. National Bank of Canada FI lifted its holdings in shares of Cleveland-Cliffs by 16.2% during the 2nd quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock valued at $129,000 after purchasing an additional 1,173 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Cleveland-Cliffs by 3.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock valued at $515,000 after purchasing an additional 1,237 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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.