Cleveland-Cliffs (NYSE:CLF) Issues Earnings Results

Cleveland-Cliffs (NYSE:CLF) released its quarterly earnings results on Monday. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02), Briefing.com reports. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter last year, the business earned $0.54 earnings per share. The business’s quarterly revenue was down 18.5% on a year-over-year basis.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $14.10 on Thursday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97. The business has a 50-day moving average price of $12.63 and a 200-day moving average price of $14.58. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of -14.37 and a beta of 1.97.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CLF shares. Citigroup reduced their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.56.

About Cleveland-Cliffs

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.