-$0.18 Earnings Per Share Expected for Cleveland-Cliffs Inc (NYSE:CLF) This Quarter

Brokerages expect Cleveland-Cliffs Inc (NYSE:CLF) to announce earnings per share (EPS) of ($0.18) for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Cleveland-Cliffs’ earnings, with the lowest EPS estimate coming in at ($0.19) and the highest estimate coming in at ($0.18). Cleveland-Cliffs reported earnings per share of $0.33 in the same quarter last year, which suggests a negative year over year growth rate of 154.5%. The business is expected to announce its next earnings report before the market opens on Friday, October 23rd.

On average, analysts expect that Cleveland-Cliffs will report full-year earnings of ($0.59) per share for the current fiscal year. For the next fiscal year, analysts expect that the firm will post earnings of $0.86 per share, with EPS estimates ranging from $0.35 to $1.63. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, July 30th. The mining company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.20. Cleveland-Cliffs had a negative net margin of 0.86% and a positive return on equity of 6.53%. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.07 billion.

Several research analysts have commented on the stock. Credit Suisse Group upped their target price on shares of Cleveland-Cliffs from $4.75 to $5.25 and gave the stock a “neutral” rating in a research report on Wednesday, September 16th. ValuEngine raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Tuesday, October 6th. Finally, Zacks Investment Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and set a $6.75 price target for the company in a research note on Tuesday, September 22nd. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $6.86.

A number of hedge funds have recently added to or reduced their stakes in CLF. State Street Corp lifted its stake in Cleveland-Cliffs by 36.2% during the first quarter. State Street Corp now owns 15,017,071 shares of the mining company’s stock valued at $59,317,000 after purchasing an additional 3,995,255 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Cleveland-Cliffs by 40.4% during the second quarter. Fisher Asset Management LLC now owns 12,816,751 shares of the mining company’s stock valued at $70,748,000 after purchasing an additional 3,687,729 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cleveland-Cliffs by 58.7% during the first quarter. Geode Capital Management LLC now owns 5,515,053 shares of the mining company’s stock valued at $21,784,000 after purchasing an additional 2,038,877 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Cleveland-Cliffs by 112.8% during the second quarter. Victory Capital Management Inc. now owns 2,897,552 shares of the mining company’s stock valued at $15,994,000 after purchasing an additional 1,535,996 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its stake in Cleveland-Cliffs by 856.3% during the second quarter. Macquarie Group Ltd. now owns 1,657,173 shares of the mining company’s stock valued at $9,147,000 after purchasing an additional 1,483,881 shares during the last quarter. 67.48% of the stock is owned by institutional investors and hedge funds.

NYSE CLF opened at $7.61 on Thursday. Cleveland-Cliffs has a 52 week low of $2.63 and a 52 week high of $9.02. The company has a current ratio of 2.55, a quick ratio of 0.68 and a debt-to-equity ratio of 3.98. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 108.71 and a beta of 2.29. The company has a 50-day moving average price of $6.67 and a two-hundred day moving average price of $5.55.

About Cleveland-Cliffs

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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