Cleveland-Cliffs Inc (NYSE:CLF) – Equities researchers at KeyCorp decreased their FY2021 EPS estimates for Cleveland-Cliffs in a report released on Monday, March 23rd. KeyCorp analyst P. Gibbs now anticipates that the mining company will post earnings of $0.63 per share for the year, down from their prior estimate of $0.70.

Other equities analysts have also recently issued research reports about the company. B. Riley lifted their price target on Cleveland-Cliffs from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a research note on Thursday, January 16th. Cfra restated a “strong-buy” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Cleveland-Cliffs in a research note on Thursday, February 20th. ValuEngine cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Wednesday, March 4th. Finally, Citigroup reduced their target price on Cleveland-Cliffs from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Cleveland-Cliffs has an average rating of “Buy” and an average price target of $9.69.

Cleveland-Cliffs stock opened at $3.74 on Thursday. The company has a debt-to-equity ratio of 5.91, a current ratio of 2.19 and a quick ratio of 1.42. The company’s 50-day moving average is $5.79 and its 200-day moving average is $7.22. The firm has a market capitalization of $958.19 million, a PE ratio of 3.56 and a beta of 2.10. Cleveland-Cliffs has a fifty-two week low of $2.63 and a fifty-two week high of $11.61.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, February 20th. The mining company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Cleveland-Cliffs had a net margin of 14.71% and a return on equity of 100.50%. The firm had revenue of $534.10 million during the quarter, compared to analysts’ expectations of $549.75 million. During the same quarter last year, the company posted $2.03 earnings per share. The company’s revenue for the quarter was down 23.3% compared to the same quarter last year.

Hedge funds have recently bought and sold shares of the business. LSV Asset Management boosted its position in shares of Cleveland-Cliffs by 33.9% in the fourth quarter. LSV Asset Management now owns 11,705,000 shares of the mining company’s stock valued at $98,321,000 after acquiring an additional 2,963,100 shares during the period. State Street Corp grew its holdings in shares of Cleveland-Cliffs by 36.8% during the 4th quarter. State Street Corp now owns 11,021,816 shares of the mining company’s stock valued at $92,583,000 after purchasing an additional 2,965,883 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cleveland-Cliffs by 141.6% during the 4th quarter. Bank of New York Mellon Corp now owns 4,899,155 shares of the mining company’s stock valued at $41,152,000 after purchasing an additional 2,871,519 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Cleveland-Cliffs by 39.9% during the 4th quarter. Victory Capital Management Inc. now owns 4,807,876 shares of the mining company’s stock valued at $40,386,000 after purchasing an additional 1,372,172 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Cleveland-Cliffs by 147.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,544,956 shares of the mining company’s stock worth $29,777,000 after purchasing an additional 2,115,041 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

In other news, Director John T. Baldwin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 11th. The stock was acquired at an average cost of $4.43 per share, for a total transaction of $44,300.00. Following the purchase, the director now directly owns 133,727 shares of the company’s stock, valued at approximately $592,410.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lourenco Goncalves acquired 200,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $4.49 per share, for a total transaction of $898,000.00. Following the completion of the acquisition, the chief executive officer now owns 3,565,597 shares in the company, valued at $16,009,530.53. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 240,000 shares of company stock worth $1,066,650. 1.83% of the stock is owned by company insiders.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Friday, April 3rd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 6.42%. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 21.43%.

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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