What is KeyCorp’s Forecast for CLF FY2024 Earnings?

Cleveland-Cliffs Inc. (NYSE:CLF) – KeyCorp issued their FY2024 EPS estimates for Cleveland-Cliffs in a report issued on Tuesday, January 21st. KeyCorp analyst P. Gibbs anticipates that the mining company will post earnings per share of ($0.56) for the year. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.67) per share.

Other research analysts have also recently issued research reports about the company. Citigroup reduced their price objective 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 raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a research report on Tuesday, January 7th. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.93.

Cleveland-Cliffs Trading Up 2.4 %

NYSE CLF opened at $9.96 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of -10.26 and a beta of 1.97. The company’s 50 day moving average price is $10.67 and its 200 day moving average price is $12.38. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. During the same period last year, the firm posted $0.54 EPS.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after buying an additional 134,939 shares in the last quarter. Twelve Points Wealth Management LLC lifted its stake in Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after purchasing an additional 49,359 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares during the period. Rockefeller Capital Management L.P. bought a new stake in Cleveland-Cliffs during the third quarter valued at $22,122,000. Finally, First Dallas Securities Inc. raised its holdings in shares of Cleveland-Cliffs by 27.9% during the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock worth $2,640,000 after purchasing an additional 45,150 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.