Cleveland-Cliffs (NYSE:CLF) Announces Quarterly Earnings Results

Cleveland-Cliffs (NYSE:CLF) issued its quarterly earnings results on Thursday. The mining company reported $1.46 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.02), MarketWatch Earnings reports. The company had revenue of $5.05 billion during the quarter, compared to analyst estimates of $4.95 billion. Cleveland-Cliffs had a negative net margin of 0.32% and a positive return on equity of 10.98%. The company’s quarterly revenue was up 358.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.31) EPS.

NYSE:CLF traded down $0.16 on Thursday, hitting $21.02. The stock had a trading volume of 1,025,399 shares, compared to its average volume of 25,078,352. Cleveland-Cliffs has a 1 year low of $5.16 and a 1 year high of $24.77. The firm’s fifty day simple moving average is $20.87. The company has a current ratio of 2.00, a quick ratio of 0.66 and a debt-to-equity ratio of 2.11. The firm has a market cap of $10.50 billion, a PE ratio of -163.08, a P/E/G ratio of 0.16 and a beta of 2.32.

In other news, Director Susan Miranda Green sold 18,000 shares of the firm’s stock in a transaction on Tuesday, May 18th. The stock was sold at an average price of $20.39, for a total transaction of $367,020.00. Following the completion of the sale, the director now directly owns 91,082 shares of the company’s stock, valued at approximately $1,857,161.98. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John T. Baldwin sold 12,800 shares of the business’s stock in a transaction dated Thursday, June 10th. The stock was sold at an average price of $23.38, for a total transaction of $299,264.00. Following the completion of the transaction, the director now directly owns 120,927 shares in the company, valued at $2,827,273.26. The disclosure for this sale can be found here. 1.34% of the stock is owned by insiders.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 target price for the company in a research report on Friday, June 25th. Credit Suisse Group raised Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $21.00 to $24.00 in a research note on Tuesday, May 4th. BNP Paribas reaffirmed a “neutral” rating and set a $19.20 price objective on shares of Cleveland-Cliffs in a research report on Monday, April 26th. Bank of America started coverage on shares of Cleveland-Cliffs in a research note on Monday, May 17th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, UBS Group increased their target price on shares of Cleveland-Cliffs from $22.09 to $28.35 and gave the stock a “buy” rating in a research note on Thursday, June 10th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $25.06.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. 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 for Cleveland-Cliffs (NYSE:CLF)

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