Brokers Set Expectations for Cleveland-Cliffs Inc’s Q2 2019 Earnings (CLF)

Cleveland-Cliffs Inc (NYSE:CLF) – Investment analysts at KeyCorp issued their Q2 2019 earnings estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Monday, April 29th, according to Zacks Investment Research. KeyCorp analyst P. Gibbs expects that the mining company will post earnings of $0.45 per share for the quarter. KeyCorp also issued estimates for Cleveland-Cliffs’ Q3 2019 earnings at $0.53 EPS, Q4 2019 earnings at $0.60 EPS and FY2019 earnings at $1.50 EPS.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, April 25th. The mining company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.06. The business had revenue of $157.00 million for the quarter, compared to analyst estimates of $116.91 million. Cleveland-Cliffs had a return on equity of 786.91% and a net margin of 51.54%. The company’s revenue was down 12.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS.

Other equities research analysts also recently issued reports about the company. Credit Suisse Group upgraded Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and raised their target price for the company from $13.00 to $14.00 in a report on Friday, April 26th. Cowen reiterated a “market perform” rating and set a $11.00 target price (up from $8.50) on shares of Cleveland-Cliffs in a report on Thursday, February 7th. Jefferies Financial Group raised their target price on Cleveland-Cliffs from $11.50 to $13.75 and gave the company a “buy” rating in a report on Friday, February 8th. B. Riley raised their target price on Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Zacks Investment Research downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $12.50.

Shares of NYSE CLF traded down $0.04 during midday trading on Thursday, hitting $10.02. The stock had a trading volume of 8,279,864 shares, compared to its average volume of 10,770,428. The firm has a market capitalization of $2.83 billion, a P/E ratio of 4.70 and a beta of 1.78. The company has a debt-to-equity ratio of 7.97, a current ratio of 2.86 and a quick ratio of 1.82. Cleveland-Cliffs has a 1-year low of $7.40 and a 1-year high of $13.10.

In other news, Director Susan Miranda Green sold 12,700 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total value of $127,762.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Koci purchased 9,000 shares of the stock in a transaction dated Wednesday, February 27th. The stock was purchased at an average price of $11.52 per share, with a total value of $103,680.00. Following the completion of the acquisition, the chief financial officer now directly owns 39,349 shares in the company, valued at approximately $453,300.48. The disclosure for this purchase can be found here. Insiders have acquired a total of 21,500 shares of company stock worth $225,380 over the last 90 days. 1.32% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Vanguard Group Inc boosted its position in Cleveland-Cliffs by 14.8% during the 3rd quarter. Vanguard Group Inc now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after purchasing an additional 3,885,273 shares during the period. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 14.8% during the 3rd quarter. Vanguard Group Inc. now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after purchasing an additional 3,885,273 shares during the period. Ruffer LLP boosted its position in Cleveland-Cliffs by 22.8% during the 4th quarter. Ruffer LLP now owns 19,706,280 shares of the mining company’s stock valued at $151,625,000 after purchasing an additional 3,665,288 shares during the period. Fisher Asset Management LLC boosted its position in Cleveland-Cliffs by 27.2% during the 4th quarter. Fisher Asset Management LLC now owns 10,901,099 shares of the mining company’s stock valued at $83,829,000 after purchasing an additional 2,332,343 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Cleveland-Cliffs by 10.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,199,511 shares of the mining company’s stock valued at $71,920,000 after purchasing an additional 675,626 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

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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