B. Riley Decreases Earnings Estimates for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Stock analysts at B. Riley dropped their Q4 2024 earnings per share estimates for Cleveland-Cliffs in a research report issued on Tuesday, December 17th. B. Riley analyst L. Pipes now anticipates that the mining company will post earnings per share of ($0.60) for the quarter, down from their previous forecast of ($0.49). The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.45) per share.

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

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

Cleveland-Cliffs Price Performance

NYSE:CLF traded up $0.05 during mid-day trading on Friday, hitting $9.38. The company's stock had a trading volume of 48,767,602 shares, compared to its average volume of 10,821,138. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average of $12.30 and a 200-day moving average of $13.35. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of -9.67 and a beta of 1.92. Cleveland-Cliffs has a fifty-two week low of $9.13 and a fifty-two week high of $22.97.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp increased its stake in shares of Cleveland-Cliffs by 57.1% in the 2nd quarter. Fifth Third Bancorp now owns 9,665 shares of the mining company's stock valued at $149,000 after buying an additional 3,514 shares during the period. Fifth Third Wealth Advisors LLC acquired a new stake in Cleveland-Cliffs in the second quarter worth about $247,000. New York State Teachers Retirement System raised its holdings in Cleveland-Cliffs by 9.7% during the 2nd quarter. New York State Teachers Retirement System now owns 508,257 shares of the mining company's stock worth $7,822,000 after purchasing an additional 44,985 shares during the last quarter. Retirement Systems of Alabama raised its holdings in Cleveland-Cliffs by 28.3% during the 2nd quarter. Retirement Systems of Alabama now owns 1,199,932 shares of the mining company's stock worth $18,467,000 after purchasing an additional 265,028 shares during the last quarter. Finally, Clear Creek Financial Management LLC lifted its position in Cleveland-Cliffs by 6.9% during the 2nd quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company's stock valued at $238,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds 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.