Cleveland-Cliffs (NYSE:CLF) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Cleveland-Cliffs (NYSE:CLF) posted its quarterly earnings data on Monday. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02), Briefing.com reports. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The firm’s revenue was down 18.5% on a year-over-year basis.

Cleveland-Cliffs Stock Up 16.9 %

CLF opened at $13.57 on Wednesday. The firm has a market cap of $6.35 billion, a P/E ratio of -11.96 and a beta of 1.97. The business’s fifty day simple moving average is $12.62 and its 200 day simple moving average is $14.58. Cleveland-Cliffs has a 52 week low of $10.21 and a 52 week high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CLF shares. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Company Profile

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.