Analysts Anticipate Cleveland-Cliffs Inc (CLF) Will Announce Revenue of $0.60 Per Share
December 26, 2018 Candy Bosworth
Analysts Anticipate Cleveland-Cliffs Inc (CLF) Will Announce Revenue of $0.60 Per Share
Analysts predict that Cleveland-Cliffs Inc (NYSE:CLF) will post $0.60 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Cleveland-Cliffs’ earnings. The lowest EPS estimate is $0.52 and the highest is $0.71. Cleveland-Cliffs reported earnings per share of $0.26 in the same quarter last year, which suggests a positive year-over-year growth rate of 130.8%. The business is expected to report its next quarterly earnings results on Thursday, January 24th.
According to Zacks, analysts expect that Cleveland-Cliffs will report full-year earnings of $2.35 per share for the current financial year, with EPS estimates ranging from $2.21 to $2.43. For the next fiscal year, analysts anticipate that the company will post earnings of $1.65 per share, with EPS estimates ranging from $1.10 to $2.21. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a net margin of 36.43% and a negative return on equity of 146.72%. The company had revenue of $742.00 million during the quarter, compared to analyst estimates of $736.06 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis.
Several analysts recently issued reports on CLF shares. Zacks Investment Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 18th. Jefferies Financial Group upgraded Cleveland-Cliffs to a “buy” rating and set a $13.00 price target for the company in a report on Friday, September 7th. ValuEngine upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Citigroup increased their price target on Cleveland-Cliffs from $12.00 to $15.00 and gave the company a “buy” rating in a report on Friday, October 5th. Finally, B. Riley set a $15.00 price target on Cleveland-Cliffs and gave the company a “buy” rating in a report on Wednesday, September 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $11.27.
Institutional investors have recently made changes to their positions in the company. NEXT Financial Group Inc acquired a new stake in shares of Cleveland-Cliffs during the third quarter valued at about $122,000. Edge Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter valued at about $127,000. Summit X LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter valued at about $152,000. Tower Research Capital LLC TRC grew its stake in shares of Cleveland-Cliffs by 1,248.2% during the second quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock valued at $101,000 after acquiring an additional 11,109 shares in the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of Cleveland-Cliffs during the second quarter valued at about $131,000. Institutional investors own 69.66% of the company’s stock.
Shares of NYSE CLF opened at $7.57 on Friday. Cleveland-Cliffs has a 12-month low of $6.30 and a 12-month high of $13.10. The firm has a market capitalization of $2.29 billion, a P/E ratio of 15.14 and a beta of 1.63.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, January 4th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, January 3rd. This represents a $0.20 annualized dividend and a dividend yield of 2.64%.
Cleveland-Cliffs announced that its Board of Directors has authorized a stock repurchase plan on Monday, November 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the mining company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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.
