FY2024 Earnings Forecast for CLF Issued By KeyCorp

Cleveland-Cliffs Inc. (NYSE:CLF) – Analysts at KeyCorp issued their FY2024 earnings per share estimates for Cleveland-Cliffs in a note issued to investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs forecasts 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.

A number of other research firms also recently commented on CLF. Citigroup reduced 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, December 19th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Finally, StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $16.93.

Cleveland-Cliffs Stock Up 2.4 %

CLF opened at $9.96 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs has a 12 month low of $8.99 and a 12 month high of $22.97. The stock has a market capitalization of $4.92 billion, a P/E ratio of -10.26 and a beta of 1.97. The business has a 50 day simple moving average of $10.67 and a 200-day simple moving average of $12.38.

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 the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 18.5% on a year-over-year basis.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its position in shares of Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after buying an additional 3,110,651 shares during the last quarter. AQR Capital Management LLC grew its stake in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after acquiring an additional 2,027,757 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Cleveland-Cliffs by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after acquiring an additional 121,389 shares during the last quarter. Drexel Morgan & Co. lifted its stake in shares of Cleveland-Cliffs by 3.8% during the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after purchasing an additional 116,400 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other 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.