Q4 Earnings Estimate for Cleveland-Cliffs Issued By B. Riley

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Research analysts at B. Riley dropped their Q4 2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a report issued on Tuesday, February 4th. B. Riley analyst N. Giles now expects that the mining company will earn ($0.66) per share for the quarter, down from their previous forecast of ($0.60). The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.70) per share. B. Riley also issued estimates for Cleveland-Cliffs' FY2025 earnings at ($0.20) EPS.

CLF has been the subject of several other research reports. Glj Research raised shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 target price for the company in a report on Tuesday, January 7th. Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a "buy" rating and a $16.00 target price for the company. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average target price of $16.68.

Cleveland-Cliffs Price Performance

NYSE:CLF traded down $0.62 during trading hours on Thursday, hitting $10.05. 19,320,212 shares of the stock traded hands, compared to its average volume of 11,458,728. The stock has a 50 day moving average price of $10.30 and a 200 day moving average price of $11.94. The company has a quick ratio of 0.55, a current ratio of 1.85 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 1 year low of $8.99 and a 1 year high of $22.97.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $1,010,000. Peddock Capital Advisors LLC raised its stake in shares of Cleveland-Cliffs by 7.4% in the third quarter. Peddock Capital Advisors LLC now owns 20,229 shares of the mining company's stock valued at $258,000 after acquiring an additional 1,396 shares during the period. Daymark Wealth Partners LLC lifted its holdings in shares of Cleveland-Cliffs by 19.7% in the 3rd quarter. Daymark Wealth Partners LLC now owns 21,435 shares of the mining company's stock worth $274,000 after acquiring an additional 3,535 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in Cleveland-Cliffs by 594.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 11,800 shares of the mining company's stock valued at $151,000 after purchasing an additional 10,100 shares during the last quarter. Finally, Unison Advisors LLC purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth about $788,000. 67.68% of the stock is owned by 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.