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

Cleveland-Cliffs (NYSE:CLF) announced its quarterly earnings data on Monday. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.06), Briefing.com reports. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) earnings per share.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.04 during trading hours on Monday, reaching $20.85. The company had a trading volume of 7,493,841 shares, compared to its average volume of 8,372,820. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 0.72 and a beta of 2.03. Cleveland-Cliffs has a 12-month low of $13.61 and a 12-month high of $22.97. The firm has a 50 day simple moving average of $20.95 and a 200-day simple moving average of $18.94. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Insiders Place Their Bets

In other news, Director Arlene M. Yocum purchased 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on CLF shares. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Wednesday, March 13th. BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research report on Wednesday, February 28th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Finally, Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $19.92.

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.