Analysts expect Cleveland-Cliffs Inc. (NYSE:CLF) to post $3.77 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $3.63 billion and the highest is $3.92 billion. Cleveland-Cliffs posted sales of $359.10 million during the same quarter last year, which would indicate a positive year over year growth rate of 949.8%. The business is expected to announce its next earnings results before the market opens on Thursday, April 22nd.
On average, analysts expect that Cleveland-Cliffs will report full-year sales of $17.45 billion for the current fiscal year, with estimates ranging from $16.56 billion to $18.34 billion. For the next year, analysts expect that the firm will post sales of $15.59 billion, with estimates ranging from $14.72 billion to $16.46 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, February 25th. The mining company reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.04). The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Cleveland-Cliffs had a negative return on equity of 2.69% and a negative net margin of 3.38%. Cleveland-Cliffs’s revenue was up 322.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 earnings per share.
Cleveland-Cliffs stock traded down $0.25 during mid-day trading on Friday, hitting $17.86. 1,133,141 shares of the company’s stock were exchanged, compared to its average volume of 19,998,178. The company has a current ratio of 2.17, a quick ratio of 0.69 and a debt-to-equity ratio of 3.84. The stock has a market cap of $8.91 billion, a P/E ratio of -64.14 and a beta of 2.24. Cleveland-Cliffs has a 1-year low of $3.30 and a 1-year high of $20.87. The stock has a 50 day moving average of $16.36 and a two-hundred day moving average of $12.97.
In other news, CFO Keith Koci bought 15,000 shares of the firm’s stock in a transaction that occurred on Friday, March 5th. The shares were acquired at an average cost of $13.45 per share, with a total value of $201,750.00. Following the completion of the transaction, the chief financial officer now directly owns 210,033 shares in the company, valued at $2,824,943.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.83% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors bought a new position in Cleveland-Cliffs during the fourth quarter worth about $27,000. Creative Financial Designs Inc. ADV lifted its stake in Cleveland-Cliffs by 287.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,480 shares of the mining company’s stock worth $36,000 after purchasing an additional 1,840 shares during the period. Inspire Advisors LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth about $37,000. Bartlett & Co. LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth about $38,000. Finally, Archer Investment Corp bought a new position in Cleveland-Cliffs during the fourth quarter worth about $40,000. 67.60% of the stock is currently owned by institutional investors and hedge funds.
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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