Cleveland-Cliffs (NYSE:CLF) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

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

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded down $0.23 during mid-day trading on Wednesday, hitting $18.32. The stock had a trading volume of 14,348,173 shares, compared to its average volume of 8,717,788. The firm has a market capitalization of $8.71 billion, a P/E ratio of 24.59, a P/E/G ratio of 0.72 and a beta of 2.03. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. The firm’s 50 day moving average is $20.98 and its 200 day moving average is $18.98. Cleveland-Cliffs has a one year low of $13.61 and a one year high of $22.97.

Analyst Ratings Changes

CLF has been the subject of several research analyst reports. Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, March 13th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Finally, StockNews.com upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.75.

Insider Buying and Selling

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

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.