Brokerages Anticipate Cleveland-Cliffs Inc (CLF) to Announce $0.70 Earnings Per Share

Brokerages expect Cleveland-Cliffs Inc (NYSE:CLF) to post $0.70 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Cleveland-Cliffs’ earnings. The lowest EPS estimate is $0.67 and the highest is $0.72. Cleveland-Cliffs posted earnings per share of $0.26 during the same quarter last year, which would suggest a positive year over year growth rate of 169.2%. The business is expected to announce its next quarterly earnings report on Thursday, January 24th.

According to Zacks, analysts expect that Cleveland-Cliffs will report full-year earnings of $2.38 per share for the current year, with EPS estimates ranging from $2.34 to $2.43. For the next year, analysts forecast that the business will post earnings of $1.73 per share, with EPS estimates ranging from $1.28 to $2.21. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The business had revenue of $742.00 million for the quarter, compared to analyst estimates of $736.06 million. Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The business’s revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS.

A number of brokerages have issued reports on CLF. ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Tuesday, October 9th. Credit Suisse Group reissued a “neutral” rating and issued a $13.00 price objective on shares of Cleveland-Cliffs in a research report on Monday, October 15th. Morgan Stanley set a $11.00 price objective on shares of Cleveland-Cliffs and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Finally, Citigroup boosted their price objective on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, October 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $11.55.

Several large investors have recently bought and sold shares of CLF. Ruffer LLP acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $116,759,000. Fisher Asset Management LLC acquired a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $108,480,000. Hennessy Advisors Inc. acquired a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $36,070,000. Pelham Capital Ltd. acquired a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $20,676,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in Cleveland-Cliffs by 81.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,367,613 shares of the mining company’s stock valued at $28,389,000 after purchasing an additional 1,512,065 shares during the period. 71.48% of the stock is owned by institutional investors and hedge funds.

CLF traded down $0.61 during midday trading on Monday, reaching $9.83. 10,452,341 shares of the company’s stock were exchanged, compared to its average volume of 10,741,389. The stock has a market cap of $3.22 billion, a P/E ratio of 19.66 and a beta of 1.63. Cleveland-Cliffs has a 1-year low of $5.60 and a 1-year high of $13.10.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, January 4th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, January 3rd.

About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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

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