Q1 2024 EPS Estimates for Cleveland-Cliffs Inc. Increased by Zacks Research (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLFFree Report) – Research analysts at Zacks Research upped their Q1 2024 earnings estimates for Cleveland-Cliffs in a report issued on Wednesday, February 7th. Zacks Research analyst A. Barman now expects that the mining company will post earnings of $0.45 per share for the quarter, up from their previous forecast of $0.35. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $2.22 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.50 EPS, Q4 2024 earnings at $0.57 EPS, FY2024 earnings at $2.18 EPS, Q2 2025 earnings at $0.51 EPS and FY2026 earnings at $2.47 EPS.

Other research analysts have also issued reports about the stock. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the company an “overweight” rating in a research note on Tuesday, October 31st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $21.63.

Check Out Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Stock Up 2.8 %

NYSE CLF opened at $19.87 on Friday. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average of $19.15 and a two-hundred day moving average of $16.92. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 0.55 and a beta of 2.04. Cleveland-Cliffs has a 52 week low of $13.61 and a 52 week high of $22.83.

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

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Cleveland-Cliffs by 240.4% during the third quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after acquiring an additional 1,404,491 shares in the last quarter. Douglas Lane & Associates LLC increased its holdings in shares of Cleveland-Cliffs by 55.5% during the third quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock valued at $27,251,000 after acquiring an additional 621,937 shares in the last quarter. Handelsinvest Investeringsforvaltning acquired a new position in shares of Cleveland-Cliffs during the third quarter valued at about $3,908,000. Kessler Investment Group LLC acquired a new position in shares of Cleveland-Cliffs during the third quarter valued at about $4,799,000. Finally, Raymond James & Associates increased its holdings in shares of Cleveland-Cliffs by 29.4% during the third quarter. Raymond James & Associates now owns 554,022 shares of the mining company’s stock valued at $8,659,000 after acquiring an additional 125,884 shares in the last quarter. 60.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ron A. Bloom bought 25,000 shares of Cleveland-Cliffs stock in a transaction on Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the acquisition, the director now owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.57% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Company Profile

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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.

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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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