Cleveland-Cliffs (NYSE:CLF) Announces Quarterly Earnings Results

Cleveland-Cliffs (NYSE:CLF) posted its quarterly earnings data on Monday. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03), Zacks reports. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $10.80 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -11.13 and a beta of 1.96. The stock has a 50-day moving average of $10.26 and a 200 day moving average of $11.67. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97.

Analyst Ratings Changes

Several research firms recently weighed in on CLF. Citigroup dropped their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.68.

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.