Seaport Res Ptn Brokers Lower Earnings Estimates for CLF

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Equities researchers at Seaport Res Ptn decreased their Q3 2024 EPS estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Thursday, October 31st. Seaport Res Ptn analyst M. Englert now anticipates that the mining company will earn ($0.33) per share for the quarter, down from their prior estimate of ($0.24). Seaport Res Ptn has a "Strong-Buy" rating on the stock. The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.28) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs' Q4 2024 earnings at ($0.46) EPS, FY2024 earnings at ($0.50) EPS, Q1 2025 earnings at ($0.23) EPS, Q2 2025 earnings at $0.06 EPS, Q3 2025 earnings at $0.01 EPS, Q4 2025 earnings at ($0.04) EPS and FY2025 earnings at ($0.20) EPS.

A number of other brokerages also recently issued reports on CLF. Citigroup cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a report on Tuesday, September 10th. Morgan Stanley lowered 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 research note on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $17.56.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded down $0.16 during trading hours on Monday, reaching $13.11. 16,058,728 shares of the stock were exchanged, compared to its average volume of 9,854,148. The firm's 50 day moving average is $12.68 and its 200 day moving average is $14.70. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The stock has a market cap of $6.14 billion, a P/E ratio of 189.03 and a beta of 1.97. Cleveland-Cliffs has a 52-week low of $10.21 and a 52-week high of $22.97.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently modified their holdings of the stock. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $31,000. Gradient Investments LLC raised its holdings in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after buying an additional 1,249 shares during the period. EverSource Wealth Advisors LLC lifted its position in Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock valued at $43,000 after buying an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Cleveland-Cliffs during the first quarter worth approximately $45,000. 67.68% of the stock is owned by institutional investors and hedge funds.

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.