What is Seaport Res Ptn’s Forecast for CLF FY2024 Earnings?

Cleveland-Cliffs Inc. (NYSE:CLF) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a research note issued to investors on Monday, February 3rd. Seaport Res Ptn analyst M. Englert now expects that the mining company will earn ($0.77) per share for the year, down from their previous forecast of ($0.73). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.69) per share. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.73) EPS, Q1 2025 earnings at ($0.42) EPS, Q2 2025 earnings at ($0.19) EPS, Q3 2025 earnings at ($0.17) EPS and Q4 2025 earnings at ($0.08) EPS.

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

A number of other research firms have also recently commented on CLF. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Citigroup dropped their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a research report on Tuesday, January 7th. Finally, Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Trading Down 0.8 %

Shares of NYSE CLF opened at $10.44 on Thursday. The business has a fifty day moving average price of $10.38 and a 200 day moving average price of $12.01. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97. The stock has a market capitalization of $5.16 billion, a P/E ratio of -10.76 and a beta of 1.96.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its holdings in Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after buying an additional 1,182 shares in the last quarter. Hickory Point Bank & Trust bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $168,000. Keynote Financial Services LLC grew its position in shares of Cleveland-Cliffs by 92.7% during the 4th quarter. Keynote Financial Services LLC now owns 44,492 shares of the mining company’s stock valued at $418,000 after buying an additional 21,400 shares during the last quarter. Terril Brothers Inc. grew its position in shares of Cleveland-Cliffs by 1.5% during the 4th quarter. Terril Brothers Inc. now owns 1,050,865 shares of the mining company’s stock valued at $9,878,000 after buying an additional 15,395 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its position in shares of Cleveland-Cliffs by 1.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 255,704 shares of the mining company’s stock valued at $2,404,000 after buying an additional 2,750 shares during the last quarter. Institutional investors and hedge funds 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.