Cleveland-Cliffs (CLF) Set to Announce Quarterly Earnings on Friday
Posted by admin on Jul 15th, 2022
?Cleveland-Cliffs (NYSE:CLF – Get Rating) is scheduled to issue its quarterly earnings data before the market opens on Friday, July 22nd. Analysts expect the company to announce earnings of $1.40 per share for the quarter. Parties that wish to listen to the company’s conference call can do so using this link.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last released its earnings results on Friday, April 22nd. The mining company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.27. The company 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%. Cleveland-Cliffs’s quarterly revenue was up 47.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. On average, analysts expect Cleveland-Cliffs to post $5 EPS for the current fiscal year and $4 EPS for the next fiscal year.
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CLF opened at $14.52 on Friday. The firm has a market cap of $7.62 billion, a P/E ratio of 2.12 and a beta of 2.28. Cleveland-Cliffs has a 52-week low of $14.31 and a 52-week high of $34.04. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 2.28. The business’s fifty day moving average is $19.44 and its 200-day moving average is $22.74.
In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 4,000 shares of the business’s stock in a transaction that occurred on Friday, April 29th. The shares were acquired at an average cost of $26.32 per share, for a total transaction of $105,280.00. Following the transaction, the chief financial officer now directly owns 143,285 shares in the company, valued at $3,771,261.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Keith Koci bought 4,500 shares of Cleveland-Cliffs stock in a transaction on Tuesday, April 26th. The shares were acquired at an average cost of $27.14 per share, for a total transaction of $122,130.00. Following the completion of the acquisition, the executive vice president now directly owns 290,135 shares in the company, valued at $7,874,263.90. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 13,100 shares of company stock valued at $330,358. 1.43% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of CLF. Natixis Advisors L.P. grew its holdings in Cleveland-Cliffs by 39.8% during the 1st quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock worth $1,417,000 after acquiring an additional 12,531 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $486,000. Great West Life Assurance Co. Can grew its holdings in Cleveland-Cliffs by 12.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock worth $8,577,000 after acquiring an additional 29,178 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after purchasing an additional 623 shares during the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Cleveland-Cliffs by 14.5% in the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock valued at $5,405,000 after purchasing an additional 21,233 shares during the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.
CLF has been the topic of several analyst reports. StockNews.com initiated coverage on Cleveland-Cliffs in a report on Thursday, March 31st. They set a “hold” rating on the stock. JPMorgan Chase & Co. reduced their target price on Cleveland-Cliffs from $43.00 to $37.00 in a report on Tuesday, June 14th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $24.00 to $16.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 6th. B. Riley dropped their price objective on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, July 6th. Finally, Clarkson Capital restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, June 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.33.
Cleveland-Cliffs Company Profile (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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