Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Equities research analysts at B. Riley cut their Q4 2024 earnings estimates for Cleveland-Cliffs in a research report issued to clients and investors on Tuesday, November 12th. B. Riley analyst L. Pipes now anticipates that the mining company will earn ($0.49) per share for the quarter, down from their previous forecast of ($0.20). The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.37) per share. B. Riley also issued estimates for Cleveland-Cliffs' Q1 2025 earnings at ($0.24) EPS, Q2 2025 earnings at ($0.01) EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.25 EPS, FY2025 earnings at $0.13 EPS, Q1 2026 earnings at $0.50 EPS, Q2 2026 earnings at $0.50 EPS and Q3 2026 earnings at $0.51 EPS.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its 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). The firm 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 for the quarter was down 18.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 EPS.
CLF has been the topic of several other reports. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research report on Wednesday, September 18th. Citigroup reduced their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research note on Tuesday, September 10th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and an average target price of $17.56.
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Cleveland-Cliffs Price Performance
Shares of CLF traded down $0.46 during midday trading on Thursday, reaching $11.46. The stock had a trading volume of 11,881,257 shares, compared to its average volume of 10,274,904. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market capitalization of $5.66 billion, a P/E ratio of -12.29 and a beta of 1.97. The firm's 50 day moving average price is $12.61 and its 200-day moving average price is $14.36. 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 and other institutional investors have recently added to or reduced their stakes in the stock. Altus Wealth Group LLC increased its stake in shares of Cleveland-Cliffs by 7.2% in the third quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company's stock worth $152,000 after acquiring an additional 800 shares during the last quarter. InterOcean Capital Group LLC increased its position in Cleveland-Cliffs by 4.1% in the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company's stock worth $462,000 after purchasing an additional 805 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in shares of Cleveland-Cliffs by 7.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company's stock worth $201,000 after purchasing an additional 949 shares in the last quarter. Chesapeake Capital Corp IL lifted its holdings in shares of Cleveland-Cliffs by 3.0% during the 1st quarter. Chesapeake Capital Corp IL now owns 33,482 shares of the mining company's stock valued at $761,000 after buying an additional 979 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Cleveland-Cliffs by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company's stock valued at $879,000 after buying an additional 984 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.
Cleveland-Cliffs Company Profile
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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.
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