Cleveland-Cliffs Inc. Expected to Post Q2 2023 Earnings of $0.69 Per Share (NYSE:CLF)

Posted by Defense World Staff on Jul 21st, 2023

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Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) – KeyCorp issued their Q2 2023 EPS estimates for Cleveland-Cliffs in a note issued to investors on Tuesday, July 18th. KeyCorp analyst P. Gibbs anticipates that the mining company will post earnings of $0.69 per share for the quarter. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $2.01 per share. KeyCorp also issued estimates for Cleveland-Cliffs’ Q3 2023 earnings at $0.59 EPS and Q4 2023 earnings at $0.17 EPS.

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

A number of other research analysts also recently weighed in on CLF. JPMorgan Chase & Co. assumed coverage on shares of Cleveland-Cliffs in a research report on Tuesday, May 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. StockNews.com raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $20.53.

Cleveland-Cliffs Trading Down 1.4 %

NYSE CLF opened at $16.50 on Thursday. The company has a fifty day moving average of $15.85 and a 200 day moving average of $17.70. The company has a market capitalization of $8.50 billion, a PE ratio of 18.33 and a beta of 2.23. Cleveland-Cliffs has a 1 year low of $11.82 and a 1 year high of $22.83. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.15 and a quick ratio of 0.73.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently modified their holdings of the company. IFP Advisors Inc increased its position in shares of Cleveland-Cliffs by 91.2% in the 4th quarter. IFP Advisors Inc now owns 92,669 shares of the mining company’s stock valued at $812,000 after purchasing an additional 44,192 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Cleveland-Cliffs by 2.1% in the 4th quarter. Neuberger Berman Group LLC now owns 3,956,502 shares of the mining company’s stock valued at $63,828,000 after purchasing an additional 82,563 shares during the last quarter. AustralianSuper Pty Ltd increased its position in shares of Cleveland-Cliffs by 56.2% in the 1st quarter. AustralianSuper Pty Ltd now owns 843,163 shares of the mining company’s stock valued at $15,455,000 after purchasing an additional 303,324 shares during the last quarter. Machina Capital S.A.S. purchased a new position in shares of Cleveland-Cliffs in the 1st quarter valued at $136,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Cleveland-Cliffs by 0.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,454,613 shares of the mining company’s stock valued at $23,434,000 after buying an additional 10,119 shares during the last quarter. 62.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Ralph S. Michael III acquired 10,000 shares of the firm’s stock in a transaction dated 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 acquisition, the director now owns 171,840 shares in the company, valued at approximately $2,570,726.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 6,500 shares of Cleveland-Cliffs 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 acquisition, the chief financial officer now directly owns 237,727 shares in the company, valued at $3,608,695.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ralph S. Michael III acquired 10,000 shares of the company’s stock in a transaction on Tuesday, May 2nd. The stock was purchased at an average cost of $14.96 per share, for a total transaction of $149,600.00. Following the completion of the transaction, the director now owns 171,840 shares in the company, valued at approximately $2,570,726.40. The disclosure for this purchase can be found here. Insiders bought a total of 125,300 shares of company stock valued at $1,875,531 in the last 90 days. Company insiders own 1.57% of the company’s stock.

Cleveland-Cliffs Company Profile

(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.