FY2024 Earnings Estimate for Cleveland-Cliffs Inc. (NYSE:CLF) Issued By Seaport Res Ptn

Cleveland-Cliffs Inc. (NYSE:CLF) – Investment analysts at Seaport Res Ptn dropped their FY2024 EPS estimates for Cleveland-Cliffs in a research note issued to investors on Tuesday, August 27th. Seaport Res Ptn analyst M. Englert now expects that the mining company will post earnings per share of $0.07 for the year, down from their previous estimate of $0.13. Seaport Res Ptn currently 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’ Q1 2025 earnings at $0.31 EPS and FY2025 earnings at $0.98 EPS.

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

Cleveland-Cliffs Stock Down 0.8 %

Shares of Cleveland-Cliffs stock opened at $13.34 on Wednesday. Cleveland-Cliffs has a 52-week low of $12.39 and a 52-week high of $22.97. The company has a 50 day moving average of $14.48 and a 200 day moving average of $17.46. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $6.34 billion, a P/E ratio of 18.03, a P/E/G ratio of 1.94 and a beta of 2.03.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after acquiring an additional 476 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Cleveland-Cliffs by 0.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock valued at $4,249,000 after purchasing an additional 612 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Cleveland-Cliffs by 11.4% during the 1st quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock worth $140,000 after purchasing an additional 631 shares in the last quarter. Finally, Peddock Capital Advisors LLC raised its position in shares of Cleveland-Cliffs by 5.2% during the 4th quarter. Peddock Capital Advisors LLC now owns 15,894 shares of the mining company’s stock worth $325,000 after purchasing an additional 781 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.