Q4 EPS Estimates for Cleveland-Cliffs Decreased by B. Riley

Cleveland-Cliffs Inc. (NYSE:CLF) – B. Riley decreased their Q4 2024 EPS estimates for shares of Cleveland-Cliffs in a research note issued to investors on Tuesday, December 17th. B. Riley analyst L. Pipes now expects that the mining company will post earnings per share of ($0.60) for the quarter, down from their previous estimate of ($0.49). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.45) per share.

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

A number of other equities analysts have also recently issued reports on CLF. Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.22.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.33 on Friday. The company has a 50 day simple moving average of $12.30 and a 200 day simple moving average of $13.35. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -9.62 and a beta of 1.92. Cleveland-Cliffs has a 1 year low of $9.13 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently modified their holdings of the business. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in Cleveland-Cliffs in the second quarter valued at $26,000. Darwin Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the third quarter valued at about $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Finally, Blue Trust Inc. grew its stake in shares of Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after buying an additional 2,539 shares during the period. 67.68% of the stock is currently owned by institutional investors.

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.