Cleveland-Cliffs Inc (NYSE:CLF) – Stock analysts at B. Riley decreased their Q3 2019 earnings per share (EPS) estimates for Cleveland-Cliffs in a research note issued on Monday, February 11th. B. Riley analyst L. Pipes now expects that the mining company will earn $0.55 per share for the quarter, down from their prior forecast of $0.56. B. Riley has a “Buy” rating and a $14.00 price objective on the stock. B. Riley also issued estimates for Cleveland-Cliffs’ FY2021 earnings at $1.73 EPS.

CLF has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price target on Cleveland-Cliffs to $17.00 and gave the stock an “overweight” rating in a research note on Monday. Cowen initiated coverage on Cleveland-Cliffs in a report on Tuesday, January 8th. They set a “market perform” rating and a $8.50 price target for the company. Morgan Stanley set a $11.00 price objective on Cleveland-Cliffs and gave the stock a “hold” rating in a report on Tuesday, October 23rd. Zacks Investment Research downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Monday, December 31st. Finally, Citigroup lowered their price objective on Cleveland-Cliffs from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, December 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $11.98.

Shares of Cleveland-Cliffs stock opened at $11.47 on Tuesday. Cleveland-Cliffs has a 12-month low of $6.40 and a 12-month high of $13.10. The company has a current ratio of 3.16, a quick ratio of 2.77 and a debt-to-equity ratio of 4.93. The stock has a market capitalization of $3.48 billion, a PE ratio of 5.38 and a beta of 1.82.

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

Cleveland-Cliffs announced that its board has initiated a share buyback program on Monday, November 26th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the mining company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Cleveland-Cliffs by 9.3% in the 4th quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock worth $24,212,000 after acquiring an additional 267,622 shares during the last quarter. California State Teachers Retirement System increased its stake in Cleveland-Cliffs by 2.4% in the 4th quarter. California State Teachers Retirement System now owns 466,167 shares of the mining company’s stock worth $3,585,000 after acquiring an additional 10,971 shares during the last quarter. Kepos Capital LP bought a new stake in Cleveland-Cliffs in the 4th quarter worth approximately $725,000. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,523,885 shares of the mining company’s stock worth $50,172,000 after acquiring an additional 209,867 shares during the last quarter. Finally, United Services Automobile Association increased its stake in Cleveland-Cliffs by 7.9% in the 4th quarter. United Services Automobile Association now owns 428,345 shares of the mining company’s stock worth $3,294,000 after acquiring an additional 31,478 shares during the last quarter. 70.96% of the stock is currently owned by institutional investors and hedge funds.

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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