Equities Analysts Offer Predictions for Cleveland-Cliffs Inc.’s Q1 2024 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Research analysts at Zacks Research issued their Q1 2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a note issued to investors on Tuesday, April 16th. Zacks Research analyst A. Barman anticipates that the mining company will post earnings of $0.18 per share for the quarter. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.63 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.47 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.58 EPS, Q2 2025 earnings at $0.52 EPS and Q4 2025 earnings at $0.83 EPS.

Other research analysts also recently issued reports about the company. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Wolfe Research reiterated an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research note on Wednesday, March 13th. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, StockNews.com upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.92.

Cleveland-Cliffs Trading Down 1.8 %

Shares of NYSE:CLF opened at $20.83 on Thursday. The stock has a 50 day moving average of $20.93 and a 200 day moving average of $18.85. The company has a market cap of $9.90 billion, a PE ratio of 27.05, a price-to-earnings-growth ratio of 0.74 and a beta of 2.03. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. Cleveland-Cliffs has a 12-month low of $13.61 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.30) EPS.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently modified their holdings of the company. Natixis Advisors L.P. raised its holdings in Cleveland-Cliffs by 39.8% during the 1st quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock valued at $1,417,000 after buying an additional 12,531 shares during the period. Acadian Asset Management LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter valued at $486,000. Great West Life Assurance Co. Can raised its holdings in Cleveland-Cliffs by 12.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock valued at $8,577,000 after buying an additional 29,178 shares during the period. Cibc World Market Inc. raised its holdings in Cleveland-Cliffs by 1.1% during the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after buying an additional 623 shares during the period. Finally, Blair William & Co. IL raised its holdings in Cleveland-Cliffs by 14.5% during the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock valued at $5,405,000 after buying an additional 21,233 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the sale, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the sale, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 in the last three months. 1.76% of the stock is owned by company insiders.

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.