Cleveland-Cliffs Inc (NYSE:CLF) – Investment analysts at KeyCorp dropped their FY2021 earnings per share (EPS) estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Monday, March 23rd. KeyCorp analyst P. Gibbs now expects that the mining company will earn $0.63 per share for the year, down from their prior estimate of $0.70.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, February 20th. The mining company reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The firm had revenue of $534.10 million for the quarter, compared to the consensus estimate of $549.75 million. Cleveland-Cliffs had a return on equity of 100.50% and a net margin of 14.71%. The company’s quarterly revenue was down 23.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.03 earnings per share.
Several other research firms also recently commented on CLF. ValuEngine downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Wednesday, March 4th. Cfra reiterated a “strong-buy” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Cleveland-Cliffs in a report on Thursday, February 20th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c+” rating in a report on Thursday, January 23rd. Citigroup decreased their price objective on Cleveland-Cliffs from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, March 4th. Finally, Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $9.69.
CLF opened at $3.89 on Thursday. The company has a market cap of $958.19 million, a P/E ratio of 3.70 and a beta of 2.10. The business’s 50-day moving average price is $5.72 and its 200-day moving average price is $7.20. The company has a current ratio of 2.19, a quick ratio of 1.42 and a debt-to-equity ratio of 5.91. Cleveland-Cliffs has a 12 month low of $2.63 and a 12 month high of $11.61.
A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $25,969,000. Verus Capital Partners LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $42,000. Sunbelt Securities Inc. grew its holdings in shares of Cleveland-Cliffs by 55.5% during the 4th quarter. Sunbelt Securities Inc. now owns 19,524 shares of the mining company’s stock worth $164,000 after acquiring an additional 6,972 shares during the period. Aequim Alternative Investments LP grew its holdings in shares of Cleveland-Cliffs by 172.8% during the 4th quarter. Aequim Alternative Investments LP now owns 1,064,000 shares of the mining company’s stock worth $8,938,000 after acquiring an additional 674,000 shares during the period. Finally, Kerntke Otto McGlone Wealth Management Group purchased a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $160,000. Institutional investors own 84.00% of the company’s stock.
In other Cleveland-Cliffs news, CEO Lourenco Goncalves purchased 200,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average price of $4.49 per share, for a total transaction of $898,000.00. Following the acquisition, the chief executive officer now directly owns 3,565,597 shares in the company, valued at $16,009,530.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Koci purchased 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $4.09 per share, for a total transaction of $102,250.00. Following the acquisition, the chief financial officer now owns 124,649 shares in the company, valued at $509,814.41. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 240,000 shares of company stock worth $1,066,650. 1.83% of the stock is owned by company insiders.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Friday, April 3rd will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 6.17%. Cleveland-Cliffs’s dividend payout ratio is presently 21.43%.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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