FY2024 Earnings Forecast for CLF Issued By KeyCorp

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at KeyCorp issued their FY2024 earnings per share estimates for Cleveland-Cliffs in a research note issued on Tuesday, January 21st. KeyCorp analyst P. Gibbs expects that the mining company will post earnings of ($0.56) per share for the year. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.71) per share.

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

Several other analysts also recently weighed in on CLF. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $10.01 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 company’s fifty day moving average price is $10.65 and its 200-day moving average price is $12.32. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97. The firm has a market capitalization of $4.94 billion, a PE ratio of -10.31 and a beta of 1.97.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Pacer Advisors Inc. grew its stake in Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after acquiring an additional 3,110,651 shares in the last quarter. Barclays PLC grew its position in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares during the last quarter. Stonegate Investment Group LLC purchased a new position in Cleveland-Cliffs during the fourth quarter worth approximately $18,999,000. Finally, Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs during the third quarter worth $22,122,000. 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.