Wall Street analysts forecast that Cleveland-Cliffs Inc (NYSE:CLF) will announce sales of $119.06 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $106.00 million and the highest is $132.50 million. Cleveland-Cliffs posted sales of $239.00 million in the same quarter last year, which suggests a negative year-over-year growth rate of 50.2%. The business is scheduled to issue its next earnings report before the market opens on Thursday, April 25th.

On average, analysts expect that Cleveland-Cliffs will report full year sales of $2.27 billion for the current fiscal year, with estimates ranging from $2.05 billion to $2.42 billion. For the next year, analysts anticipate that the business will report sales of $2.29 billion, with estimates ranging from $2.16 billion to $2.43 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.02). Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. The company had revenue of $696.30 million for the quarter, compared to analysts’ expectations of $721.52 million. During the same quarter in the previous year, the business posted $1.07 EPS. The business’s quarterly revenue was up 36.0% compared to the same quarter last year.

A number of equities analysts recently commented on CLF shares. Cowen started coverage on Cleveland-Cliffs in a research report on Tuesday, January 8th. They set a “market perform” rating and a $8.50 price objective on the stock. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Monday, April 1st. Morgan Stanley set a $12.00 price objective on Cleveland-Cliffs and gave the stock a “hold” rating in a research report on Tuesday, March 5th. ValuEngine upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Finally, Citigroup lifted their price objective on Cleveland-Cliffs to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $12.16.

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 12,700 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total value of $127,762.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Koci bought 9,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, February 27th. The stock was acquired at an average price of $11.52 per share, for a total transaction of $103,680.00. Following the transaction, the chief financial officer now directly owns 39,349 shares of the company’s stock, valued at $453,300.48. The disclosure for this purchase can be found here. 1.32% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Bank of New York Mellon Corp grew its stake in shares of Cleveland-Cliffs by 3.3% in the third quarter. Bank of New York Mellon Corp now owns 2,037,877 shares of the mining company’s stock valued at $25,801,000 after buying an additional 65,196 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Cleveland-Cliffs by 346.0% during the 3rd quarter. Panagora Asset Management Inc. now owns 16,501 shares of the mining company’s stock worth $209,000 after purchasing an additional 12,801 shares in the last quarter. LPL Financial LLC grew its stake in Cleveland-Cliffs by 11.7% during the 3rd quarter. LPL Financial LLC now owns 310,712 shares of the mining company’s stock worth $3,934,000 after purchasing an additional 32,529 shares in the last quarter. Envestnet Asset Management Inc. acquired a new position in Cleveland-Cliffs during the 3rd quarter worth $1,002,000. Finally, MetLife Investment Advisors LLC acquired a new position in Cleveland-Cliffs during the 3rd quarter worth $2,636,000. 74.11% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs stock traded down $0.14 during trading on Wednesday, reaching $9.23. 9,473,944 shares of the company were exchanged, compared to its average volume of 10,461,628. Cleveland-Cliffs has a 52-week low of $7.08 and a 52-week high of $13.10. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 4.33 and a beta of 1.81. The company has a debt-to-equity ratio of 4.93, a quick ratio of 2.77 and a current ratio of 3.16.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, April 5th were given a $0.05 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.20 dividend on an annualized basis and a yield of 2.17%. Cleveland-Cliffs’s dividend payout ratio is currently 9.39%.

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

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