B. Riley Lowers Earnings Estimates for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Equities researchers at B. Riley reduced their FY2025 earnings estimates for shares of Cleveland-Cliffs in a research note issued on Tuesday, December 17th. B. Riley analyst L. Pipes now expects that the mining company will post earnings of $0.12 per share for the year, down from their previous estimate of $0.13. The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.45) per share.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business's quarterly revenue was down 18.5% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS.

Several other equities analysts have also recently issued reports on CLF. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a "buy" rating and a $16.00 target price for the company. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday. StockNews.com lowered Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, Morgan Stanley cut their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $17.22.

Cleveland-Cliffs Stock Performance

NYSE:CLF traded down $0.21 during trading hours on Thursday, reaching $9.33. The company had a trading volume of 21,195,623 shares, compared to its average volume of 10,666,134. The firm has a market cap of $4.61 billion, a PE ratio of -9.62 and a beta of 1.92. Cleveland-Cliffs has a 1-year low of $9.13 and a 1-year high of $22.97. The business's 50 day moving average price is $12.30 and its 200-day moving average price is $13.35. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Twelve Points Wealth Management LLC raised its position in shares of Cleveland-Cliffs by 58.5% in the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company's stock valued at $1,708,000 after buying an additional 49,359 shares during the last quarter. Janus Henderson Group PLC grew its stake in Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock valued at $2,644,000 after acquiring an additional 187,957 shares in the last quarter. First Dallas Securities Inc. raised its holdings in Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company's stock valued at $2,640,000 after acquiring an additional 45,150 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $22,122,000. Finally, Barclays PLC boosted its holdings in shares of Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. 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.