Brokerages Expect Cleveland-Cliffs Inc. (CLF) Will Announce Earnings of -$0.19 Per Share

Equities analysts expect Cleveland-Cliffs Inc. (NYSE:CLF) to announce earnings of ($0.19) per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Cleveland-Cliffs’ earnings. The highest EPS estimate is ($0.13) and the lowest is ($0.28). Cleveland-Cliffs reported earnings of ($0.11) per share in the same quarter last year, which suggests a negative year over year growth rate of 72.7%. The company is expected to issue its next earnings report before the market opens on Friday, April 20th.

On average, analysts expect that Cleveland-Cliffs will report full year earnings of $1.21 per share for the current fiscal year, with EPS estimates ranging from $0.89 to $1.69. For the next fiscal year, analysts anticipate that the company will report earnings of $1.00 per share, with EPS estimates ranging from $0.66 to $1.14. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Cleveland-Cliffs.

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Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.11. Cleveland-Cliffs had a negative return on equity of 35.81% and a net margin of 16.09%. The company had revenue of $600.90 million for the quarter, compared to the consensus estimate of $612.50 million. During the same quarter in the previous year, the business earned $0.42 EPS. Cleveland-Cliffs’s revenue was down 20.3% compared to the same quarter last year.

CLF has been the topic of a number of research analyst reports. Vertical Group downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Cowen reiterated a “market perform” rating and set a $9.00 target price (up previously from $7.00) on shares of Cleveland-Cliffs in a report on Friday, January 26th. B. Riley reiterated a “buy” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a report on Thursday, December 21st. Zacks Investment Research downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Finally, ValuEngine downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $9.54.

Shares of NYSE:CLF opened at $6.86 on Thursday. Cleveland-Cliffs has a 1 year low of $5.56 and a 1 year high of $9.15. The stock has a market cap of $2,040.17, a P/E ratio of 13.72 and a beta of 1.62. The company has a current ratio of 3.42, a quick ratio of 2.80 and a debt-to-equity ratio of -5.19.

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 11,305 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total transaction of $86,144.10. Following the transaction, the director now owns 60,367 shares in the company, valued at approximately $459,996.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.89% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of CLF. NEXT Financial Group Inc grew its stake in shares of Cleveland-Cliffs by 87.8% in the 4th quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock worth $100,000 after buying an additional 6,500 shares during the last quarter. Granite Springs Asset Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $105,000. Quantitative Investment Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $115,000. Girard Partners LTD. purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $142,000. Finally, Capital Wealth Planning LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $159,000. Institutional investors own 60.68% of the company’s stock.

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About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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