Analysts expect that Cleveland-Cliffs Inc (NYSE:CLF) will report earnings per share of $0.24 for the current quarter, according to Zacks. Four analysts have made estimates for Cleveland-Cliffs’ earnings, with the highest EPS estimate coming in at $0.31 and the lowest estimate coming in at $0.20. Cleveland-Cliffs posted earnings per share of $0.55 in the same quarter last year, which would indicate a negative year-over-year growth rate of 56.4%. The business is scheduled to announce its next earnings results before the market opens on Thursday, February 27th.
On average, analysts expect that Cleveland-Cliffs will report full-year earnings of $1.12 per share for the current year, with EPS estimates ranging from $1.08 to $1.18. For the next financial year, analysts expect that the firm will post earnings of $0.88 per share, with EPS estimates ranging from $0.47 to $1.15. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Wednesday, October 23rd. The mining company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.09. The business had revenue of $555.60 million for the quarter, compared to the consensus estimate of $544.88 million. Cleveland-Cliffs had a net margin of 38.99% and a return on equity of 125.91%. The firm’s revenue for the quarter was down 25.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.41 earnings per share.
CLF has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their target price on shares of Cleveland-Cliffs from $15.00 to $12.00 in a report on Wednesday, October 16th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $14.00 to $8.00 in a report on Monday, September 23rd. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating in a report on Friday, January 10th. ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Exane BNP Paribas initiated coverage on shares of Cleveland-Cliffs in a report on Thursday, November 14th. They issued a “neutral” rating on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $10.14.
CLF traded up $0.06 during trading on Monday, reaching $7.89. 5,962,849 shares of the stock were exchanged, compared to its average volume of 7,744,456. The stock has a market cap of $2.13 billion, a P/E ratio of 2.82 and a beta of 2.05. Cleveland-Cliffs has a twelve month low of $6.59 and a twelve month high of $12.26. The stock’s 50 day moving average price is $8.13 and its two-hundred day moving average price is $8.32. The company has a debt-to-equity ratio of 5.86, a quick ratio of 1.61 and a current ratio of 2.32.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, January 3rd were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $0.24 annualized dividend and a dividend yield of 3.04%. Cleveland-Cliffs’s dividend payout ratio (DPR) is presently 11.27%.
In other Cleveland-Cliffs news, CFO Keith Koci purchased 12,800 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were acquired at an average cost of $8.11 per share, for a total transaction of $103,808.00. Following the completion of the purchase, the chief financial officer now owns 99,649 shares of the company’s stock, valued at approximately $808,153.39. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert P. Fisher, Jr. acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were purchased at an average cost of $7.94 per share, with a total value of $39,700.00. Following the transaction, the director now directly owns 23,837 shares of the company’s stock, valued at $189,265.78. The disclosure for this purchase can be found here. Corporate insiders own 1.32% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors acquired a new stake in Cleveland-Cliffs during the 2nd quarter valued at approximately $28,000. Schroder Investment Management Group acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $33,000. Neo Ivy Capital Management acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $34,000. Tower Research Capital LLC TRC grew its position in shares of Cleveland-Cliffs by 235.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,848 shares of the mining company’s stock worth $35,000 after buying an additional 3,401 shares during the period. Finally, Gradient Investments LLC acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $39,000. 80.30% of the stock is owned by institutional investors and hedge funds.
Cleveland-Cliffs Company Profile
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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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