Cleveland-Cliffs Inc. Expected to Earn Q3 2024 Earnings of ($0.30) Per Share (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Stock analysts at Zacks Research decreased their Q3 2024 earnings estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Monday, September 23rd. Zacks Research analyst A. Barman now forecasts that the mining company will post earnings of ($0.30) per share for the quarter, down from their prior estimate of ($0.06). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.03) per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.19) EPS, FY2024 earnings at ($0.20) EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.25 EPS, FY2025 earnings at $0.52 EPS, Q1 2026 earnings at $0.17 EPS and FY2026 earnings at $1.26 EPS.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the business posted $0.69 EPS.

Several other equities analysts have also recently weighed in on CLF. Bank of America lowered their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Citigroup lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Trading Up 0.5 %

Shares of NYSE:CLF opened at $12.77 on Thursday. The stock’s 50-day simple moving average is $13.01 and its two-hundred day simple moving average is $16.26. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 17.26 and a beta of 1.97. Cleveland-Cliffs has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the period. Peconic Partners LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $42,370,000. AQR Capital Management LLC lifted its holdings in shares of Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after buying an additional 2,027,757 shares in the last quarter. Bank of Nova Scotia bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth $22,937,000. Finally, Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.