Jefferies Group Brokers Boost Earnings Estimates for Cleveland-Cliffs Inc. (CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Analysts at Jefferies Group increased their FY2019 earnings estimates for shares of Cleveland-Cliffs in a note issued to investors on Friday, April 6th. Jefferies Group analyst S. Rosenfeld now forecasts that the mining company will post earnings of $1.12 per share for the year, up from their previous forecast of $0.98.

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

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research note on Tuesday, December 26th. B. Riley reaffirmed a “buy” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research note on Thursday, December 21st. ValuEngine raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Finally, Vertical Group raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Friday, February 23rd. Three 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. Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $9.54.

CLF stock opened at $6.86 on Monday. The firm has a market cap of $2,040.17, a PE ratio of 13.72 and a beta of 1.62. Cleveland-Cliffs has a 52-week low of $5.56 and a 52-week high of $9.15. The company has a quick ratio of 2.80, a current ratio of 3.42 and a debt-to-equity ratio of -5.19.

Several institutional investors and hedge funds have recently bought and sold shares of CLF. Millennium Management LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $7,336,000. BlackRock Inc. increased its position in shares of Cleveland-Cliffs by 4.0% during the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock worth $145,592,000 after buying an additional 774,210 shares during the period. Luminus Management LLC increased its position in shares of Cleveland-Cliffs by 23.9% during the fourth quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock worth $27,071,000 after buying an additional 725,400 shares during the period. APG Asset Management N.V. acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $4,002,000. Finally, Bank of New York Mellon Corp increased its position in shares of Cleveland-Cliffs by 23.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,909,955 shares of the mining company’s stock worth $13,770,000 after buying an additional 367,940 shares during the period. Institutional investors own 60.68% of the company’s stock.

In other news, Director Susan Miranda Green sold 11,305 shares of the stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $7.62, for a total transaction of $86,144.10. Following the completion of the sale, the director now directly owns 60,367 shares in the company, valued at $459,996.54. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.89% of the company’s stock.

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Cleveland-Cliffs Company Profile

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.

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

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