Seaport Res Ptn Has Bearish Forecast for CLF FY2024 Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) – Seaport Res Ptn reduced their FY2024 earnings per share estimates for Cleveland-Cliffs in a research note issued on Monday, February 3rd. Seaport Res Ptn analyst M. Englert now expects that the mining company will post earnings per share of ($0.77) for the year, down from their prior forecast of ($0.73). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.69) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.73) EPS, Q1 2025 earnings at ($0.42) EPS, Q2 2025 earnings at ($0.19) EPS, Q3 2025 earnings at ($0.17) EPS and Q4 2025 earnings at ($0.08) EPS.

Several other equities analysts also recently weighed in on the company. Morgan Stanley reduced their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Citigroup reduced their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Finally, StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.68.

Cleveland-Cliffs Price Performance

CLF opened at $10.05 on Thursday. The stock has a fifty day simple moving average of $10.30 and a two-hundred day simple moving average of $11.96. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market cap of $4.96 billion, a price-to-earnings ratio of -10.36 and a beta of 1.96. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Blue Trust Inc. lifted its position in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after buying an additional 2,539 shares in the last quarter. Finally, Byrne Asset Management LLC lifted its position in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after buying an additional 2,600 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.