Seaport Res Ptn Has Bearish Estimate for CLF FY2024 Earnings

Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Research analysts at Seaport Res Ptn decreased their FY2024 earnings estimates for shares of Cleveland-Cliffs in a research note issued on Monday, February 3rd. Seaport Res Ptn analyst M. Englert now forecasts that the mining company will post earnings per share of ($0.77) for the year, down from their prior forecast of ($0.73). The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.70) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs' Q4 2024 earnings at ($0.73) EPS, Q1 2025 earnings at ($0.42) EPS, Q2 2025 earnings at ($0.19) EPS, Q3 2025 earnings at ($0.17) EPS and Q4 2025 earnings at ($0.08) EPS.

Several other brokerages have also recently issued reports on CLF. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price objective on the stock. Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Glj Research upgraded Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price objective for the company in a report on Tuesday, January 7th. Finally, StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $16.68.

Cleveland-Cliffs Trading Down 5.8 %

Shares of CLF traded down $0.62 during trading hours on Thursday, hitting $10.05. The company had a trading volume of 19,320,212 shares, compared to its average volume of 11,458,728. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock's 50 day moving average price is $10.30 and its 200 day moving average price is $11.94. The firm has a market cap of $4.96 billion, a P/E ratio of -10.36 and a beta of 1.96. Cleveland-Cliffs has a 52-week low of $8.99 and a 52-week high of $22.97.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently bought and sold shares of the business. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Byrne Asset Management LLC grew its holdings in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after acquiring an additional 2,600 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at $44,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

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.