Q3 2023 EPS Estimates for Cleveland-Cliffs Inc. (NYSE:CLF) Cut by Analyst

Posted by Defense World Staff on Sep 8th, 2023

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Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) – Equities researchers at Zacks Research decreased their Q3 2023 EPS estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Wednesday, September 6th. Zacks Research analyst M. Agrawal now anticipates that the mining company will post earnings of $0.51 per share for the quarter, down from their previous estimate of $0.52. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $1.42 per share. Zacks Research also issued estimates for Cleveland-Cliffs’ FY2023 earnings at $1.37 EPS, Q1 2024 earnings at $0.17 EPS, Q3 2024 earnings at $0.44 EPS, FY2024 earnings at $1.49 EPS and Q1 2025 earnings at $0.54 EPS.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its quarterly earnings data on Monday, July 24th. The mining company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The business had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the firm earned $1.31 EPS. The business’s quarterly revenue was down 5.6% on a year-over-year basis.

A number of other equities analysts also recently commented on the stock. B. Riley reduced their target price on shares of Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. StockNews.com began coverage on shares of Cleveland-Cliffs in a research note on Thursday, August 17th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of Cleveland-Cliffs in a research note on Tuesday, May 23rd. They issued a “neutral” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.53.

Check Out Our Latest Stock Analysis on CLF

Cleveland-Cliffs Trading Down 3.5 %

Shares of NYSE CLF opened at $14.43 on Thursday. Cleveland-Cliffs has a 1-year low of $11.82 and a 1-year high of $22.83. The business has a fifty day moving average price of $16.00 and a 200 day moving average price of $16.64. The stock has a market capitalization of $7.34 billion, a P/E ratio of 32.80 and a beta of 2.23. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CLF. Zullo Investment Group Inc. raised its position in Cleveland-Cliffs by 11.1% during the 4th quarter. Zullo Investment Group Inc. now owns 5,000 shares of the mining company’s stock worth $81,000 after buying an additional 500 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Cleveland-Cliffs by 27.7% during the 4th quarter. First Eagle Investment Management LLC now owns 2,444 shares of the mining company’s stock valued at $39,000 after buying an additional 530 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Cleveland-Cliffs by 17.5% in the 4th quarter. Quadrant Capital Group LLC now owns 3,612 shares of the mining company’s stock valued at $58,000 after buying an additional 537 shares during the period. Stonebridge Capital Advisors LLC boosted its stake 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 worth $58,000 after buying an additional 600 shares during the last quarter. Finally, Cibc World Market Inc. grew its holdings in Cleveland-Cliffs by 1.1% during the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after acquiring an additional 623 shares during the period. 60.97% of the stock is currently owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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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.