Cleveland-Cliffs (NYSE:CLF) Issues Earnings Results

Cleveland-Cliffs (NYSE:CLF) announced its quarterly earnings results on Thursday. The mining company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01, FiscalAI reports. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the prior year, the business posted ($0.50) earnings per share. The company’s revenue was up 5.9% on a year-over-year basis.

Here are the key takeaways from Cleveland-Cliffs’ conference call:

• Cleveland-Cliffs said Q2 adjusted EBITDA rose to $286 million, free cash flow turned positive again, and management expects a much stronger second half with Q3 EBITDA guidance of $575 million and further improvement in Q4.
• Executives pointed to rising steel prices, higher shipment volumes, and lower unit costs as the main drivers of near-term improvement, with Q3 shipments expected to top 4.3 million tons and costs expected to decline sequentially.
• Management said the company is benefiting from a strong automotive backdrop, including higher auto shipments, improved finishing line utilization, and top supplier awards from Toyota and General Motors.
• The company reiterated that trade policy and domestic sourcing trends are supporting its outlook, while noting that upcoming contract resets in non-automotive and automotive markets should be priced meaningfully higher than last year.
• Cleveland-Cliffs highlighted plans to use cash flow and asset-sale proceeds to delever below 2.5x net leverage by next year, while also noting ongoing strategic discussions, including POSCO, and a constructive start to union contract negotiations.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $11.03 on Friday. Cleveland-Cliffs has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The stock has a market cap of $6.29 billion, a P/E ratio of -4.72 and a beta of 2.13. The firm’s fifty day moving average price is $11.26 and its 200-day moving average price is $11.02.

Wall Street Analysts Forecast Growth

CLF has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Wells Fargo & Company reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Finally, Bank of America lowered their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Reduce” and a consensus price target of $11.80.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC boosted its stake in Cleveland-Cliffs by 33.9% in the fourth quarter. Corient Private Wealth LLC now owns 24,378 shares of the mining company’s stock worth $324,000 after buying an additional 6,176 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $387,000. State of Tennessee Department of Treasury lifted its holdings in shares of Cleveland-Cliffs by 65.9% in the 4th quarter. State of Tennessee Department of Treasury now owns 221,437 shares of the mining company’s stock worth $3,047,000 after acquiring an additional 87,975 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Cleveland-Cliffs by 3,987.9% in the 4th quarter. NewEdge Advisors LLC now owns 98,559 shares of the mining company’s stock valued at $1,309,000 after purchasing an additional 96,148 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at $513,000. 67.68% of the stock is currently owned by institutional investors.

More Cleveland-Cliffs News

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Cleveland-Cliffs said Q2 revenue came in at $5.23 billion versus $5.15 billion expected, and EPS of -$0.20 beat estimates of -$0.21, showing a modest earnings upside versus forecasts. Cleveland-Cliffs (CLF) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
• Positive Sentiment: Management highlighted a sharp improvement in profitability, including a much smaller net loss, higher adjusted EBITDA, and positive free cash flow, which investors viewed as evidence the turnaround is gaining traction. Cleveland-Cliffs Inc (CLF) Q2 2026 Earnings Call Highlights: Strong EBITDA Growth and Positive …
• Positive Sentiment: CEO Lourenco Goncalves struck an upbeat tone, saying the company expects its strongest second-half performance since 2021, with the third-quarter outlook helping outweigh the earnings loss. CLF Stock Posts Biggest Gain Of 2026 After CEO Forecasts Strongest Second-Half Performance Since 2021
• Positive Sentiment: B. Riley Securities initiated or reiterated a Buy rating, adding another bullish catalyst for sentiment. Cleveland-Cliffs (CLF) Receives a Buy from B. Riley Securities
• Neutral Sentiment: The company also promoted CFO Celso Goncalves to President and appointed him to the board, a governance/leadership change that is unlikely to affect the stock immediately. Cleveland-Cliffs Announces Promotion of Chief Financial Officer Celso Goncalves from Executive Vice President to President and Appointment to Board of Directors
• Negative Sentiment: Despite the earnings-driven rally, broker sentiment remains cautious overall, with one report saying Cleveland-Cliffs now carries a consensus “Reduce” rating from analysts. Cleveland-Cliffs Inc. (NYSE:CLF) Given Consensus Rating of “Reduce” by Brokerages

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.