Analysts Offer Predictions for Cleveland-Cliffs Inc.’s Q3 2024 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) – Analysts at Zacks Research decreased their Q3 2024 earnings per share estimates for shares of Cleveland-Cliffs in a report issued on Monday, September 23rd. Zacks Research analyst A. Barman now expects that the mining company will post earnings of ($0.30) per share for the quarter, down from their prior forecast of ($0.06). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.03) per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.19) EPS, FY2024 earnings at ($0.20) EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.25 EPS, FY2025 earnings at $0.52 EPS, Q1 2026 earnings at $0.17 EPS and FY2026 earnings at $1.26 EPS.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period last year, the firm posted $0.69 earnings per share.

CLF has been the subject of a number of other research reports. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. B. Riley restated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Bank of America lowered their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Citigroup dropped their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $12.77 on Thursday. The firm has a fifty day simple moving average of $13.01 and a two-hundred day simple moving average of $16.26. Cleveland-Cliffs has a 52 week low of $10.21 and a 52 week high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $6.07 billion, a P/E ratio of 17.26 and a beta of 1.97.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently added to or reduced their stakes in CLF. Dimensional Fund Advisors LP increased its position in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the period. AQR Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after acquiring an additional 2,027,757 shares during the period. Bank of New York Mellon Corp raised its position in shares of Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after acquiring an additional 1,069,907 shares in the last quarter. Castle Hook Partners LP boosted its position in Cleveland-Cliffs by 13.8% during the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after purchasing an additional 410,182 shares in the last quarter. Finally, Drexel Morgan & Co. grew its stake in Cleveland-Cliffs by 3.3% in the second quarter. Drexel Morgan & Co. now owns 3,083,995 shares of the mining company’s stock valued at $47,463,000 after purchasing an additional 97,450 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.