$6.14 Billion in Sales Expected for Cleveland-Cliffs Inc. (NYSE:CLF) This Quarter
Posted by admin on Jun 9th, 2022
Cleveland-Cliffs logoEquities analysts forecast that Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) will post $6.14 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Cleveland-Cliffs’ earnings, with estimates ranging from $5.88 billion to $6.29 billion. Cleveland-Cliffs posted sales of $5.05 billion in the same quarter last year, which would indicate a positive year over year growth rate of 21.6%. The business is scheduled to issue its next earnings results on Monday, January 1st.
According to Zacks, analysts expect that Cleveland-Cliffs will report full-year sales of $24.24 billion for the current year, with estimates ranging from $23.32 billion to $25.75 billion. For the next year, analysts forecast that the company will report sales of $20.88 billion, with estimates ranging from $18.71 billion to $23.35 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Cleveland-Cliffs.
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Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings results on Friday, April 22nd. The mining company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.44 by $0.27. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.43 billion. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The firm’s revenue was up 47.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS.
A number of equities analysts have commented on CLF shares. Zacks Investment Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating and set a $24.00 target price on the stock. in a research note on Tuesday, May 24th. B. Riley upped their target price on shares of Cleveland-Cliffs from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, April 25th. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $36.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. StockNews.com started coverage on shares of Cleveland-Cliffs in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 24th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $31.09.
Shares of NYSE:CLF opened at $22.50 on Thursday. The company has a market capitalization of $11.81 billion, a price-to-earnings ratio of 3.28 and a beta of 2.17. Cleveland-Cliffs has a 12 month low of $15.81 and a 12 month high of $34.04. The firm’s 50-day moving average is $26.26 and its 200 day moving average is $23.52. The company has a current ratio of 2.28, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76.
In other news, CFO Celso L. Goncalves, Jr. bought 4,000 shares of the firm’s stock in a transaction that occurred on Friday, April 29th. The stock was bought at an average price of $26.32 per share, with a total value of $105,280.00. Following the completion of the transaction, the chief financial officer now directly owns 143,285 shares of the company’s stock, valued at approximately $3,771,261.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith Koci bought 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The shares were purchased at an average cost of $27.14 per share, with a total value of $122,130.00. Following the transaction, the executive vice president now directly owns 290,135 shares of the company’s stock, valued at $7,874,263.90. The disclosure for this purchase can be found here. Insiders bought a total of 13,100 shares of company stock valued at $330,358 in the last ninety days. Corporate insiders own 1.43% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased its stake in Cleveland-Cliffs by 194.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 191,932 shares of the mining company’s stock valued at $3,802,000 after purchasing an additional 126,832 shares in the last quarter. Moors & Cabot Inc. increased its stake in Cleveland-Cliffs by 33.9% during the 3rd quarter. Moors & Cabot Inc. now owns 75,833 shares of the mining company’s stock valued at $1,509,000 after purchasing an additional 19,209 shares in the last quarter. MYDA Advisors LLC acquired a new position in Cleveland-Cliffs during the 4th quarter valued at approximately $871,000. CIBC Asset Management Inc increased its stake in shares of Cleveland-Cliffs by 4.9% in the fourth quarter. CIBC Asset Management Inc now owns 20,917 shares of the mining company’s stock worth $455,000 after acquiring an additional 973 shares during the period. Finally, Yousif Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $5,385,000. 56.68% of the stock is owned by institutional investors.
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