FY2024 Earnings Forecast for CLF Issued By KeyCorp

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Investment analysts at KeyCorp issued their FY2024 earnings per share (EPS) estimates for Cleveland-Cliffs in a research note issued on Tuesday, January 21st. KeyCorp analyst P. Gibbs expects that the mining company will earn ($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 - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.72 billion. During the same quarter last year, the company posted $0.54 EPS. The firm's revenue was down 18.5% compared to the same quarter last year.

Other equities analysts have also issued research reports about the stock. StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a "buy" rating and a $16.00 price target for the company. Glj Research raised shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price target on the stock in a research report on Tuesday, January 7th. Finally, Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $16.93.

Cleveland-Cliffs Stock Up 0.6 %

NYSE:CLF traded up $0.06 on Friday, hitting $10.01. 7,940,258 shares of the company's stock traded hands, compared to its average volume of 13,557,198. The firm has a 50-day moving average price of $10.65 and a 200-day moving average price of $12.34. Cleveland-Cliffs has a 1 year low of $8.99 and a 1 year high of $22.97. The company has a market cap of $4.94 billion, a PE ratio of -10.31 and a beta of 1.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Strengthening Families & Communities LLC lifted its holdings 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 valued at $25,000 after buying an additional 1,490 shares during the period. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Blue Trust Inc. boosted its holdings in shares of Cleveland-Cliffs by 231.9% in the third 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 during the period. Finally, GAMMA Investing LLC increased its holdings in Cleveland-Cliffs by 1,190.6% during the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock worth $50,000 after purchasing an additional 4,917 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

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.