Seaport Res Ptn Issues Pessimistic Estimate for CLF Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) – Seaport Res Ptn cut their FY2024 earnings per share (EPS) estimates for Cleveland-Cliffs in a report issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now forecasts that the mining company will post earnings of ($0.73) per share for the year, down from their prior estimate of ($0.50). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.67) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.69) EPS and FY2025 earnings at ($0.86) EPS.

Several other research firms have also recently commented on CLF. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.72 on Thursday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a 50-day simple moving average of $10.70 and a 200-day simple moving average of $12.39. Cleveland-Cliffs has a 52 week low of $8.99 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period last year, the business earned $0.54 EPS. The business’s quarterly revenue was down 18.5% compared to the same quarter last year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of CLF. Franklin Resources Inc. raised its stake in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Twelve Points Wealth Management LLC increased its holdings in Cleveland-Cliffs by 58.5% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after purchasing an additional 49,359 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after purchasing an additional 187,957 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in Cleveland-Cliffs during the third quarter worth $22,122,000. Finally, First Dallas Securities Inc. boosted its stake in Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after acquiring an additional 45,150 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

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.