Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) - Equities research analysts at Zacks Research decreased their FY2024 EPS estimates for Cleveland-Cliffs in a research note issued on Thursday, February 13th. Zacks Research analyst A. Barman now anticipates that the mining company will post earnings of ($0.72) per share for the year, down from their previous forecast of ($0.61). The consensus estimate for Cleveland-Cliffs' current full-year earnings is ($0.71) per share. Zacks Research also issued estimates for Cleveland-Cliffs' Q4 2024 earnings at ($0.68) EPS, Q1 2025 earnings at ($0.45) EPS, Q2 2025 earnings at ($0.14) EPS, Q4 2025 earnings at ($0.02) EPS and FY2025 earnings at ($0.52) EPS.
A number of other brokerages have also issued reports on CLF. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a "buy" rating and a $16.00 price target for the company. Citigroup decreased 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. StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 target price for the company in a research report on Tuesday, January 7th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $16.68.
Check Out Our Latest Report on CLF
Cleveland-Cliffs Price Performance
Shares of CLF stock traded up $0.13 on Monday, hitting $11.98. 10,497,096 shares of the stock traded hands, compared to its average volume of 16,141,614. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs has a 52 week low of $8.99 and a 52 week high of $22.97. The firm has a 50 day simple moving average of $10.17 and a two-hundred day simple moving average of $11.74. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of -12.35 and a beta of 1.96.
Hedge Funds Weigh In On Cleveland-Cliffs
Large investors have recently modified their holdings of the stock. Fairfax Financial Holdings Ltd. Can purchased a new position in Cleveland-Cliffs during the fourth quarter worth $55,453,000. Norges Bank purchased a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $45,381,000. Slate Path Capital LP grew its holdings in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Pacer Advisors Inc. raised its position in Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares during the period. Institutional investors own 67.68% of the company's stock.
About Cleveland-Cliffs
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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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