$Cleveland-Cliffs (CLF.US)$ – Research analysts at KeyCorp reduced their Q3 2022 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a report released on Tuesday, September 20th. KeyCorp analyst P. Gibbs now expects that the mining company will post earnings of $0.55 per share for the quarter, down from their previous estimate of $0.89. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $4.65 per share. KeyCorp also issued estimates for Cleveland-Cliffs' FY2023 earnings at $1.40 EPS.
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Several other brokerages also recently issued reports on CLF. Clarkson Capital reiterated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, June 14th. B. Riley lowered their target price on Cleveland-Cliffs from $47.00 to $39.00 and set a "buy" rating for the company in a research note on Wednesday, July 6th. Morgan Stanley lowered their target price on Cleveland-Cliffs from $16.00 to $14.50 and set an "equal weight" rating for the company in a research note on Monday, July 25th. Credit Suisse Group decreased their price target on Cleveland-Cliffs from $30.00 to $25.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut their target price on shares of Cleveland-Cliffs from $43.00 to $37.00 in a report on Tuesday, June 14th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $26.07.
Cleveland-Cliffs Trading Down 5.9 %
Shares of Cleveland-Cliffs stock opened at $13.27 on Friday. Cleveland-Cliffs has a fifty-two week low of $12.90 and a fifty-two week high of $34.04. The firm has a market cap of $6.86 billion, a PE ratio of 2.00 and a beta of 2.23. The business's fifty day moving average is $17.23 and its two-hundred day moving average is $21.54. The company has a quick ratio of 0.75, a current ratio of 2.20 and a debt-to-equity ratio of 0.67.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last posted its earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The company had revenue of $6.34 billion during the quarter, compared to analysts' expectations of $6.13 billion. During the same period in the previous year, the company posted $1.46 EPS. Cleveland-Cliffs's quarterly revenue was up 25.6% compared to the same quarter last year.
Hedge Funds Weigh In On Cleveland-Cliffs
Large investors have recently bought and sold shares of the business. GQG Partners LLC bought a new stake in Cleveland-Cliffs in the first quarter valued at approximately $130,587,000. State Street Corp increased its position in shares of Cleveland-Cliffs by 18.6% during the second quarter. State Street Corp now owns 21,000,065 shares of the mining company's stock worth $322,771,000 after acquiring an additional 3,295,448 shares in the last quarter. Contrarius Investment Management Ltd bought a new stake in shares of Cleveland-Cliffs during the first quarter worth $98,218,000. Marshall Wace LLP grew its position in Cleveland-Cliffs by 664.5% in the fourth quarter. Marshall Wace LLP now owns 2,766,650 shares of the mining company's stock valued at $60,228,000 after purchasing an additional 2,404,776 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Cleveland-Cliffs by 5.4% in the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company's stock valued at $1,433,561,000 after purchasing an additional 2,276,018 shares in the last quarter. 61.21% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 5,000 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were acquired at an average price of $19.36 per share, with a total value of $96,800.00. Following the completion of the purchase, the chief financial officer now directly owns 148,285 shares in the company, valued at approximately $2,870,797.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.43% of the company's stock.
About Cleveland-Cliffs
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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.
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