Seaport Res Ptn Comments on Cleveland-Cliffs Inc.’s Q3 2024 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at Seaport Res Ptn issued their Q3 2024 earnings per share estimates for Cleveland-Cliffs in a report released on Tuesday, June 11th. Seaport Res Ptn analyst M. Englert forecasts that the mining company will post earnings of $0.09 per share for the quarter. Seaport Res Ptn currently has a “Hold” rating on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $0.61 per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at $0.11 EPS, Q1 2025 earnings at $0.24 EPS, Q3 2025 earnings at $0.23 EPS, Q4 2025 earnings at $0.15 EPS and FY2025 earnings at $0.88 EPS.

A number of other analysts also recently issued reports on CLF. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price target for the company. B. Riley decreased their price target on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $17.00 in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.79.

Cleveland-Cliffs Trading Down 1.4 %

CLF opened at $14.87 on Thursday. Cleveland-Cliffs has a 12 month low of $13.84 and a 12 month high of $22.97. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 0.55 and a beta of 2.08. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The business has a fifty day moving average price of $18.28 and a 200 day moving average price of $19.19.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same period in the previous year, the firm earned ($0.11) earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year.

Cleveland-Cliffs declared that its Board of Directors has authorized a share repurchase program on Monday, April 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the mining company to buy up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were bought at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the transaction, the director now owns 59,900 shares of the company’s stock, valued at approximately $1,018,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were bought at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the transaction, the director now owns 59,900 shares of the company’s stock, valued at approximately $1,018,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lourenco Goncalves purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 98,950 shares of company stock worth $1,639,638. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently modified their holdings of the company. Korea Investment CORP lifted its stake in Cleveland-Cliffs by 30.6% in the 3rd quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock valued at $8,048,000 after buying an additional 120,540 shares in the last quarter. Aigen Investment Management LP purchased a new stake in Cleveland-Cliffs in the 3rd quarter valued at approximately $4,970,000. CenterBook Partners LP purchased a new stake in Cleveland-Cliffs in the 3rd quarter valued at approximately $475,000. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Cleveland-Cliffs by 10.6% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock valued at $32,075,000 after buying an additional 196,373 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Cleveland-Cliffs by 28.8% in the 3rd quarter. Hsbc Holdings PLC now owns 759,347 shares of the mining company’s stock valued at $11,856,000 after buying an additional 169,713 shares in the last quarter. Institutional investors and hedge funds 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.