I am going with Paribus and expect a pull back this week.
This will be a great buying opportunity in the nineteens.
Equities research analysts forecast that Cleveland-Cliffs Inc. (NYSE:CLF) will announce $4.98 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Cleveland-Cliffs' earnings, with the lowest sales estimate coming in at $4.61 billion and the highest estimate coming in at $5.30 billion. Cleveland-Cliffs posted sales of $1.09 billion during the same quarter last year, which indicates a positive year over year growth rate of 356.9%. The firm is expected to issue its next earnings results before the market opens on Thursday, July 22nd.
On average, analysts expect that Cleveland-Cliffs will report full year sales of $19.22 billion for the current fiscal year, with estimates ranging from $18.47 billion to $20.50 billion. For the next fiscal year, analysts forecast that the firm will post sales of $16.49 billion, with estimates ranging from $15.85 billion to $17.00 billion. Zacks' sales calculations are a mean average based on a survey of research analysts that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Wednesday, April 21st. The mining company reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.14). Cleveland-Cliffs had a negative net margin of 0.32% and a positive return on equity of 10.98%. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the business posted ($0.18) EPS. The firm's revenue for the quarter was up 1014.2% compared to the same quarter last year.
A number of research firms recently issued reports on CLF. Credit Suisse Group upgraded shares of Cleveland-Cliffs from a "neutral" rating to an "outperform" rating and raised their target price for the company from $21.00 to $24.00 in a research note on Tuesday, May 4th. BNP Paribas reiterated a "neutral" rating and issued a $19.20 target price on shares of Cleveland-Cliffs in a research note on Monday, April 26th. Exane BNP Paribas lowered shares of Cleveland-Cliffs from an "outperform" rating to a "neutral" rating in a research report on Monday, April 19th. JPMorgan Chase & Co. began coverage on shares of Cleveland-Cliffs in a research report on Wednesday, June 16th. They issued an "overweight" rating and a $39.00 price target on the stock. Finally, UBS Group raised their price target on shares of Cleveland-Cliffs from $22.09 to $28.35 and gave the stock a "buy" rating in a research report on Thursday, June 10th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of "Buy" and an average target price of $24.95.
In related news, Director John T. Baldwin sold 12,800 shares of Cleveland-Cliffs stock in a transaction dated Thursday, June 10th. The shares were sold at an average price of $23.38, for a total transaction of $299,264.00. Following the completion of the transaction, the director now directly owns 120,927 shares of the company's stock, valued at approximately $2,827,273.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan Miranda Green sold 18,000 shares of Cleveland-Cliffs stock in a transaction dated Tuesday, May 18th. The shares were sold at an average price of $20.39, for a total transaction of $367,020.00. Following the transaction, the director now directly owns 91,082 shares of the company's stock, valued at $1,857,161.98. The disclosure for this sale can be found here. Company insiders own 1.34% of the company's stock.
A number of hedge funds have recently made changes to their positions in the stock. Sei Investments Co. raised its stake in shares of Cleveland-Cliffs by 17.6% in the fourth quarter. Sei Investments Co. now owns 88,551 shares of the mining company's stock worth $1,289,000 after acquiring an additional 13,221 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Cleveland-Cliffs by 1.3% in the fourth quarter. New York State Common Retirement Fund now owns 353,982 shares of the mining company's stock worth $5,154,000 after acquiring an additional 4,600 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Cleveland-Cliffs by 62.6% in the fourth quarter. LS Investment Advisors LLC now owns 18,275 shares of the mining company's stock worth $266,000 after acquiring an additional 7,033 shares during the last quarter. Aequim Alternative Investments LP raised its stake in shares of Cleveland-Cliffs by 947.8% in the fourth quarter. Aequim Alternative Investments LP now owns 15,000,000 shares of the mining company's stock worth $2,186,000 after acquiring an additional 13,568,400 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Cleveland-Cliffs by 4.0% in the fourth quarter. Rhumbline Advisers now owns 1,328,449 shares of the mining company's stock worth $19,342,000 after acquiring an additional 51,573 shares during the last quarter. 64.64% of the stock is owned by hedge funds and other institutional investors.
NYSE:CLF opened at $22.37 on Friday. Cleveland-Cliffs has a 1 year low of $4.92 and a 1 year high of $24.77. The firm has a fifty day moving average price of $20.38. The company has a quick ratio of 0.66, a current ratio of 2.00 and a debt-to-equity ratio of 2.11. The firm has a market cap of $11.17 billion, a price-to-earnings ratio of -186.42, a PEG ratio of 0.19 and a beta of 2.29.
About Cleveland-Cliffs
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.
Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)
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