Cleveland-Cliffs (NYSE:CLF) Issues Earnings Results, Misses Estimates By $0.02 EPS

Cleveland-Cliffs (NYSE:CLF - Get Free Report) issued its earnings results on Monday. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02), Briefing.com reports. The firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.72 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs's quarterly revenue was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share.

Cleveland-Cliffs Stock Down 11.5 %

NYSE:CLF traded down $1.50 during mid-day trading on Tuesday, hitting $11.61. 36,495,138 shares of the company's stock traded hands, compared to its average volume of 9,979,712. The company has a fifty day moving average of $12.67 and a 200 day moving average of $14.65. 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 twelve month low of $10.21 and a twelve month high of $22.97. The company has a market capitalization of $5.43 billion, a P/E ratio of -11.97 and a beta of 1.97.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a report on Wednesday, September 18th. Citigroup dropped their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 10th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $17.56.

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.