Cleveland-Cliffs Inc. (NYSE:CLF) to Post Q3 2024 Earnings of ($0.24) Per Share, Seaport Res Ptn Forecasts

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities researchers at Seaport Res Ptn reduced their Q3 2024 EPS estimates for shares of Cleveland-Cliffs in a research note issued on Tuesday, August 27th. Seaport Res Ptn analyst M. Englert now forecasts that the mining company will post earnings of ($0.24) per share for the quarter, down from their previous forecast of ($0.14). Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $0.17 per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at $0.02 EPS, Q2 2025 earnings at $0.28 EPS, Q3 2025 earnings at $0.22 EPS and Q4 2025 earnings at $0.16 EPS.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective for the company. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. B. Riley reiterated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Bank of America cut their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.94.

Cleveland-Cliffs Stock Down 0.8 %

Shares of Cleveland-Cliffs stock opened at $13.34 on Thursday. The company has a market cap of $6.34 billion, a P/E ratio of 18.03, a PEG ratio of 1.94 and a beta of 2.03. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs has a one year low of $12.39 and a one year high of $22.97. The firm has a fifty day moving average of $14.48 and a two-hundred day moving average of $17.46.

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently added to or reduced their stakes in CLF. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs during the second quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $31,000. Gradient Investments LLC increased its position in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares during the period. Rise Advisors LLC raised its stake in Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,429 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its stake in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Activity at Cleveland-Cliffs

In other news, Director Ben Oren purchased 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the purchase, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ben Oren purchased 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The disclosure for this purchase can be found here. 1.76% of the stock is owned by corporate insiders.

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.