Zacks Research Research Analysts Lift Earnings Estimates for Cleveland

Cleveland-Cliffs Inc. (NYSE:CLF - Get Rating) - Equities researchers at Zacks Research raised their Q2 2024 EPS estimates for Cleveland-Cliffs in a research note issued on Monday, June 5th. Zacks Research analyst A. Barman now forecasts that the mining company will post earnings of $0.78 per share for the quarter, up from their prior estimate of $0.68. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $2.05 per share. Zacks Research also issued estimates for Cleveland-Cliffs' Q3 2024 earnings at $0.48 EPS and FY2024 earnings at $2.07 EPS.

CLF has been the subject of several other reports. JPMorgan Chase & Co. began coverage on shares of Cleveland-Cliffs in a research note on Tuesday, May 23rd. They issued a "neutral" rating and a $18.00 price target for the company. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Wednesday, May 31st. Wolfe Research raised shares of Cleveland-Cliffs from an "underperform" rating to a "peer perform" rating in a research report on Monday, March 20th. B. Riley dropped their target price on shares of Cleveland-Cliffs from $27.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, February 15th. Finally, Citigroup boosted their target price on shares of Cleveland-Cliffs from $16.00 to $22.00 and gave the company a "neutral" rating in a research note on Monday, February 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average target price of $20.53.

CLF opened at $15.75 on Wednesday. Cleveland-Cliffs has a 1-year low of $11.82 and a 1-year high of $23.91. The company has a current ratio of 2.15, a quick ratio of 0.73 and a debt-to-equity ratio of 0.59. The company has a market cap of $8.11 billion, a P/E ratio of 17.49 and a beta of 2.21. The company has a fifty day moving average price of $15.83 and a two-hundred day moving average price of $17.57.

Cleveland-Cliffs (NYSE:CLF - Get Rating) last released its earnings results on Tuesday, April 25th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.09. Cleveland-Cliffs had a net margin of 2.14% and a return on equity of 8.32%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.21 billion. During the same quarter in the previous year, the business earned $1.71 earnings per share. Cleveland-Cliffs's revenue for the quarter was down 11.1% on a year-over-year basis.

A number of institutional investors and hedge funds have recently bought and sold shares of CLF. Natixis Advisors L.P. increased its stake in Cleveland-Cliffs by 39.8% during the 1st quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company's stock valued at $1,417,000 after purchasing an additional 12,531 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cleveland-Cliffs in the first quarter worth approximately $486,000. Great West Life Assurance Co. Can grew its stake in shares of Cleveland-Cliffs by 12.7% in the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company's stock worth $8,577,000 after acquiring an additional 29,178 shares during the period. Cibc World Market Inc. grew its stake in shares of Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company's stock worth $1,873,000 after acquiring an additional 623 shares during the period. Finally, Blair William & Co. IL grew its stake in shares of Cleveland-Cliffs by 14.5% in the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company's stock worth $5,405,000 after acquiring an additional 21,233 shares during the period. 65.25% of the stock is currently owned by institutional investors.

In other news, CFO Celso L. Goncalves, Jr. purchased 6,500 shares of the company's stock in a transaction on Monday, May 1st. The stock was acquired at an average price of $15.18 per share, with a total value of $98,670.00. Following the transaction, the chief financial officer now directly owns 237,727 shares of the company's stock, valued at approximately $3,608,695.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Lourenco Goncalves acquired 100,000 shares of Cleveland-Cliffs stock in a transaction on Thursday, April 27th. The stock was acquired at an average cost of $14.96 per share, for a total transaction of $1,496,000.00. Following the purchase, the chief executive officer now owns 2,464,885 shares in the company, valued at $36,874,679.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Celso L. Goncalves, Jr. acquired 6,500 shares of Cleveland-Cliffs stock in a transaction on Monday, May 1st. The shares were purchased at an average price of $15.18 per share, with a total value of $98,670.00. Following the completion of the purchase, the chief financial officer now owns 237,727 shares in the company, valued at approximately $3,608,695.86. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 125,300 shares of company stock valued at $1,875,531. Insiders own 1.57% of the company's stock.

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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