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Zacks: Analysts Expect Cleveland-Cliffs Inc. (NYSE:CLF) to Post $1.54 Earnings Per Share

Posted by admin on May 20th, 2022

   

?Equities research analysts expect that Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) will post earnings per share of $1.54 for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Cleveland-Cliffs’ earnings, with estimates ranging from $1.39 to $1.68. Cleveland-Cliffs posted earnings of $1.46 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.5%. The company is expected to report its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that Cleveland-Cliffs will report full-year earnings of $5.89 per share for the current year, with EPS estimates ranging from $5.40 to $6.67. For the next financial year, analysts anticipate that the company will report earnings of $4.95 per share, with EPS estimates ranging from $3.82 to $6.17. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Cleveland-Cliffs.
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Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings data on Friday, April 22nd. The mining company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.27. The business had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.43 billion. Cleveland-Cliffs had a return on equity of 78.74% and a net margin of 16.77%. The firm’s revenue for the quarter was up 47.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS.

A number of analysts have issued reports on CLF shares. Credit Suisse Group raised their target price on Cleveland-Cliffs from $34.00 to $37.00 in a report on Tuesday, April 19th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research report on Tuesday, March 1st. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 24th. StockNews.com assumed coverage on Cleveland-Cliffs in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group raised their price objective on Cleveland-Cliffs from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, March 22nd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Buy” and an average price target of $31.65.
In other news, EVP Keith Koci bought 4,500 shares of the stock in a transaction dated Tuesday, April 26th. The stock was bought at an average cost of $27.14 per share, with a total value of $122,130.00. Following the purchase, the executive vice president now owns 290,135 shares of the company’s stock, valued at $7,874,263.90. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Celso L. Goncalves, Jr. bought 4,000 shares of the stock in a transaction dated Friday, April 29th. The stock was purchased at an average cost of $26.32 per share, with a total value of $105,280.00. Following the completion of the purchase, the chief financial officer now directly owns 143,285 shares in the company, valued at approximately $3,771,261.20. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 13,100 shares of company stock valued at $330,358. Corporate insiders own 1.43% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Joseph P. Lucia & Associates LLC acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth $26,000. Allworth Financial LP grew its stake in shares of Cleveland-Cliffs by 199.7% during the first quarter. Allworth Financial LP now owns 917 shares of the mining company’s stock worth $30,000 after purchasing an additional 611 shares during the period. First Eagle Investment Management LLC acquired a new position in Cleveland-Cliffs in the first quarter valued at about $30,000. Montag A & Associates Inc. acquired a new position in Cleveland-Cliffs in the first quarter valued at about $32,000. Finally, Lazard Asset Management LLC grew its stake in Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after acquiring an additional 746 shares during the period. 56.68% of the stock is owned by institutional investors and hedge funds.
CLF opened at $21.59 on Tuesday. The firm has a market capitalization of $11.33 billion, a P/E ratio of 3.15 and a beta of 2.16. The stock’s 50 day moving average price is $27.91 and its two-hundred day moving average price is $23.42. The company has a quick ratio of 0.80, a current ratio of 2.28 and a debt-to-equity ratio of 0.76. Cleveland-Cliffs has a 12-month low of $15.81 and a 12-month high of $34.04.
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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