Cleveland-Cliffs Inc (NYSE:CLF) Plans Quarterly Dividend of $0.06

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Cleveland-Cliffs Inc (NYSE:CLF) declared a quarterly dividend on Monday, December 2nd, RTT News reports. Stockholders of record on Friday, January 3rd will be given a dividend of 0.06 per share by the mining company on Wednesday, January 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.00%.

CLF opened at $7.99 on Monday. Cleveland-Cliffs has a 12-month low of $6.59 and a 12-month high of $12.26. The company has a current ratio of 2.32, a quick ratio of 1.61 and a debt-to-equity ratio of 5.86. The business’s fifty day simple moving average is $7.42 and its 200-day simple moving average is $8.70. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 3.75 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, October 23rd. The mining company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. Cleveland-Cliffs had a return on equity of 125.91% and a net margin of 38.99%. The business had revenue of $555.60 million for the quarter, compared to the consensus estimate of $544.88 million. During the same quarter in the prior year, the company earned $1.41 EPS. The business’s revenue was down 25.1% compared to the same quarter last year. On average, equities research analysts predict that Cleveland-Cliffs will post 1.11 EPS for the current year.

In related news, Director John T. Baldwin acquired 9,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were bought at an average price of $7.27 per share, with a total value of $65,430.00. Following the completion of the transaction, the director now directly owns 123,727 shares in the company, valued at $899,495.29. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.32% of the stock is owned by company insiders.

CLF has been the topic of a number of recent research reports. Jefferies Financial Group dropped their price target on Cleveland-Cliffs from $15.00 to $12.00 in a research report on Wednesday, October 16th. Cowen set a $10.00 price target on Cleveland-Cliffs and gave the stock a “hold” rating in a research report on Thursday, August 22nd. Credit Suisse Group dropped their price target on Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. B. Riley dropped their price target on Cleveland-Cliffs from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $14.00 to $8.00 in a research report on Monday, September 23rd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $10.67.

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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Dividend History for Cleveland-Cliffs (NYSE:CLF)

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