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

Cleveland-Cliffs (NYSE:CLF) issued its quarterly earnings results on Monday. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01), Briefing.com reports. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.50%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. During the same period in the prior year, the firm earned ($0.11) EPS. Cleveland-Cliffs’s revenue for the quarter was down 1.8% compared to the same quarter last year.

Cleveland-Cliffs Trading Down 11.1 %

CLF stock opened at $18.53 on Wednesday. The company has a market capitalization of $8.81 billion, a PE ratio of 25.04, a P/E/G 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’s 50-day moving average is $20.98 and its 200 day moving average is $18.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Insider Buying and Selling

In related news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the transaction, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arlene M. Yocum bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Insiders have sold 221,066 shares of company stock valued at $4,464,688 in the last 90 days. Company insiders own 1.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a report on Wednesday, February 28th. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.92.

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.