Q2 2024 EPS Estimates for Cleveland-Cliffs Inc. Decreased by B. Riley (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Investment analysts at B. Riley cut their Q2 2024 earnings estimates for Cleveland-Cliffs in a research report issued on Tuesday, April 30th. B. Riley analyst L. Pipes now expects that the mining company will earn $0.11 per share for the quarter, down from their prior forecast of $0.39. B. Riley currently has a "Buy" rating and a $24.00 target price on the stock. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $1.56 per share. B. Riley also issued estimates for Cleveland-Cliffs' Q3 2024 earnings at $0.31 EPS, FY2025 earnings at $1.83 EPS and FY2026 earnings at $2.15 EPS.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) EPS.

CLF has been the topic of a number of other research reports. Wolfe Research reaffirmed an "underperform" rating and set a $18.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Citigroup cut shares of Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 target price on the stock. in a report on Wednesday, March 13th. JPMorgan Chase & Co. decreased their target price on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, April 24th. BNP Paribas downgraded Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 price target on the stock. in a research note on Wednesday, February 28th. Finally, StockNews.com cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of "Hold" and a consensus price target of $20.42.

Cleveland-Cliffs Stock Performance

NYSE CLF traded up $0.58 during trading hours on Thursday, hitting $17.28. The company's stock had a trading volume of 8,358,808 shares, compared to its average volume of 8,974,224. Cleveland-Cliffs has a 12 month low of $13.61 and a 12 month high of $22.97. The company's 50 day simple moving average is $20.72 and its two-hundred day simple moving average is $19.06. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The company has a market cap of $8.22 billion, a P/E ratio of 22.56, a price-to-earnings-growth ratio of 0.62 and a beta of 2.10.

Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback program on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at $54,494,606.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the sale, the chief executive officer now directly owns 2,699,089 shares of the company's stock, valued at approximately $54,494,606.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arlene M. Yocum purchased 2,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the acquisition, the director now directly owns 94,887 shares of the company's stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. In the last three months, insiders purchased 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. 1.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company's stock valued at $570,000 after buying an additional 476 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company's stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in Cleveland-Cliffs by 2.3% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company's stock valued at $427,000 after acquiring an additional 609 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Cleveland-Cliffs by 0.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company's stock worth $4,249,000 after purchasing an additional 612 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company's stock valued at $38,000 after purchasing an additional 619 shares during the last quarter. 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.