Cleveland-Cliffs (NYSE:CLF) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Cleveland-Cliffs (NYSE:CLF) released its quarterly earnings results on Monday. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02), Briefing.com reports. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 earnings per share.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded down $1.34 on Tuesday, hitting $11.77. The stock had a trading volume of 22,453,464 shares, compared to its average volume of 9,908,932. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of -12.57 and a beta of 1.97. The business’s 50 day moving average is $12.67 and its two-hundred day moving average is $14.65. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CLF shares. Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Citigroup dropped their target price on shares of 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 shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $17.56.

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.