Brokerages Anticipate Cleveland-Cliffs Inc. (NYSE:CLF) Will Post Quarterly Sales of $5.72 Billion
FRIDAY, MARCH 18, 2022 | MARKETBEAT
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?Brokerages forecast that Cleveland-Cliffs Inc. (NYSE:CLF - Get Rating) will report $5.72 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cleveland-Cliffs' earnings, with the highest sales estimate coming in at $6.67 billion and the lowest estimate coming in at $5.20 billion. Cleveland-Cliffs reported sales of $4.05 billion in the same quarter last year, which would suggest a positive year over year growth rate of 41.2%. The company is scheduled to report its next earnings results on Thursday, April 28th.
Cleveland-Cliffs Rallies After Announcing Scrap Metal Acquisition
According to Zacks, analysts expect that Cleveland-Cliffs will report full-year sales of $21.57 billion for the current year, with estimates ranging from $20.31 billion to $22.93 billion. For the next year, analysts expect that the company will post sales of $17.81 billion, with estimates ranging from $16.71 billion to $19.75 billion. Zacks Investment Research's sales calculations are an average based on a survey of sell-side research analysts that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF - Get Rating) last released its quarterly earnings results on Friday, February 11th. The mining company reported $1.78 earnings per share for the quarter, missing the Zacks' consensus estimate of $2.03 by ($0.25). Cleveland-Cliffs had a return on equity of 80.10% and a net margin of 14.62%. The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $5.65 billion. During the same period last year, the firm earned $0.24 earnings per share. The business's revenue was up 137.0% compared to the same quarter last year.
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Cleveland Cliffs Stock is a Steel Play
Several equities analysts recently commented on the company. TheStreet lowered Cleveland-Cliffs from a "b-" rating to a "c+" rating in a research note on Tuesday, March 1st. Morgan Stanley upped their target price on Cleveland-Cliffs from $22.50 to $23.50 and gave the company an "equal weight" rating in a research note on Monday, November 29th. Zacks Investment Research upgraded Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating and set a $25.00 target price for the company in a research note on Tuesday, January 4th. Finally, Wolfe Research lowered Cleveland-Cliffs from an "outperform" rating to a "peer perform" rating and set a $23.00 target price for the company. in a research note on Tuesday, January 11th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Buy" and an average target price of $26.73.
NYSE CLF opened at $27.45 on Friday. The stock has a market cap of $14.42 billion, a price-to-earnings ratio of 5.06 and a beta of 2.09. The business has a fifty day moving average of $21.08 and a 200-day moving average of $21.52. Cleveland-Cliffs has a fifty-two week low of $14.01 and a fifty-two week high of $27.79. The company has a quick ratio of 0.69, a current ratio of 2.15 and a debt-to-equity ratio of 0.91.
Several hedge funds and other institutional investors have recently modified their holdings of CLF. Pekin Hardy Strauss Inc. boosted its holdings in Cleveland-Cliffs by 2.1% in the third quarter. Pekin Hardy Strauss Inc. now owns 23,800 shares of the mining company's stock valued at $471,000 after purchasing an additional 500 shares during the last quarter. Veritable L.P. boosted its holdings in Cleveland-Cliffs by 5.2% in the third quarter. Veritable L.P. now owns 10,399 shares of the mining company's stock valued at $206,000 after purchasing an additional 518 shares during the last quarter. Commerce Bank boosted its holdings in Cleveland-Cliffs by 2.7% in the fourth quarter. Commerce Bank now owns 21,728 shares of the mining company's stock valued at $473,000 after purchasing an additional 567 shares during the last quarter. M&T Bank Corp boosted its holdings in Cleveland-Cliffs by 4.4% in the fourth quarter. M&T Bank Corp now owns 14,075 shares of the mining company's stock valued at $306,000 after purchasing an additional 599 shares during the last quarter. Finally, Capital Investment Advisory Services LLC boosted its holdings in Cleveland-Cliffs by 6.1% in the third quarter. Capital Investment Advisory Services LLC now owns 10,800 shares of the mining company's stock valued at $214,000 after purchasing an additional 625 shares during the last quarter. 59.73% of the stock is owned by institutional investors.
About Cleveland-Cliffs (Get Rating)
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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