Cleveland-Cliffs (CLF) to Release Quarterly Earnings on Monday

Posted by on Jul 17th, 2023

Cleveland-Cliffs (NYSE:CLF – Get Free Report) is scheduled to announce its earnings results after the market closes on Monday, July 24th. Analysts expect the company to announce earnings of $0.73 per share for the quarter. Persons interested in listening to the company’s earnings conference call can do so using this link.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings results on Tuesday, April 25th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.09. Cleveland-Cliffs had a return on equity of 8.32% and a net margin of 2.14%. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.21 billion. During the same quarter last year, the business posted $1.71 EPS. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, analysts expect Cleveland-Cliffs to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Cleveland-Cliffs Trading Down 2.2 %

Shares of CLF stock opened at $16.76 on Monday. The company has a current ratio of 2.15, a quick ratio of 0.73 and a debt-to-equity ratio of 0.59. The business’s 50 day moving average is $15.70 and its two-hundred day moving average is $17.71. The company has a market capitalization of $8.63 billion, a P/E ratio of 18.62 and a beta of 2.23. Cleveland-Cliffs has a twelve month low of $11.82 and a twelve month high of $22.83.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ralph S. Michael III acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were purchased at an average cost of $14.96 per share, for a total transaction of $149,600.00. Following the completion of the acquisition, the director now owns 171,840 shares of the company’s stock, valued at approximately $2,570,726.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Celso L. Goncalves, Jr. bought 6,500 shares of the stock in a transaction on Monday, May 1st. The shares were bought at an average cost of $15.18 per share, for a total transaction of $98,670.00. Following the completion of the transaction, the chief financial officer now owns 237,727 shares of the company’s stock, valued at approximately $3,608,695.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ralph S. Michael III bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were purchased at an average price of $14.96 per share, for a total transaction of $149,600.00. Following the transaction, the director now owns 171,840 shares of the company’s stock, valued at approximately $2,570,726.40. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 125,300 shares of company stock valued at $1,875,531. 1.57% of the stock is owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC raised its stake in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after purchasing an additional 746 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $40,000. Stonebridge Capital Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 20.0% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock valued at $58,000 after purchasing an additional 600 shares during the last quarter. Zions Bancorporation N.A. acquired a new position in shares of Cleveland-Cliffs in the first quarter valued at $78,000. Finally, Altshuler Shaham Ltd boosted its position in shares of Cleveland-Cliffs by 25.6% in the fourth quarter. Altshuler Shaham Ltd now owns 6,915 shares of the mining company’s stock valued at $111,000 after acquiring an additional 1,408 shares during the period. 62.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. started coverage on Cleveland-Cliffs in a report on Tuesday, May 23rd. They set a “neutral” rating and a $18.00 target price for the company. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Wolfe Research raised Cleveland-Cliffs from an “underperform” rating to a “peer perform” rating in a research report on Monday, March 20th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.53.

About Cleveland-Cliffs

(Get Free Report)

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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