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Cleveland-Cliffs Inc. (NYSE:CLF - Get Rating) - Equities research analysts at KeyCorp cut their Q3 2022 earnings per share estimates for shares of Cleveland-Cliffs in a report released on Tuesday, September 20th. KeyCorp analyst P. Gibbs now anticipates that the mining company will post earnings per share of $0.55 for the quarter, down from their prior estimate of $0.89. The consensus estimate for Cleveland-Cliffs' current full-year earnings is $4.74 per share. KeyCorp also issued estimates for Cleveland-Cliffs' FY2023 earnings at $1.40 EPS.
Cleveland-Cliffs (NYSE:CLF - Get Rating) last announced its earnings results on Friday, July 22nd. The mining company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $1.40 by ($0.27). The company had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $6.13 billion. Cleveland-Cliffs had a return on equity of 64.45% and a net margin of 15.07%. Cleveland-Cliffs's revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 earnings per share.
A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. decreased their price target on Cleveland-Cliffs from $43.00 to $37.00 in a report on Tuesday, June 14th. Credit Suisse Group cut their price objective on Cleveland-Cliffs from $30.00 to $25.00 and set an "outperform" rating for the company in a research report on Wednesday. Morgan Stanley cut their price objective on Cleveland-Cliffs from $16.00 to $14.50 and set an "equal weight" rating for the company in a research report on Monday, July 25th. The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $26.00 to $24.00 in a research report on Tuesday, July 12th. Finally, Clarkson Capital reiterated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, June 14th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Moderate Buy" and a consensus price target of $26.07.Cleveland-Cliffs Price Performance
NYSE:CLF opened at $14.10 on Friday. The company has a quick ratio of 0.75, a current ratio of 2.20 and a debt-to-equity ratio of 0.67. The business's 50-day simple moving average is $17.26 and its two-hundred day simple moving average is $21.61. The stock has a market cap of $7.29 billion, a PE ratio of 2.12 and a beta of 2.23. Cleveland-Cliffs has a 52 week low of $13.97 and a 52 week high of $34.04. Hedge Funds Weigh In On Cleveland-Cliffs
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Cleveland-Cliffs by 5.4% in the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company's stock worth $1,433,561,000 after buying an additional 2,276,018 shares in the last quarter. BlackRock Inc. grew its holdings in Cleveland-Cliffs by 4.1% in the first quarter. BlackRock Inc. now owns 39,305,375 shares of the mining company's stock worth $1,266,024,000 after purchasing an additional 1,534,765 shares during the last quarter. FMR LLC grew its holdings in Cleveland-Cliffs by 5.1% in the second quarter. FMR LLC now owns 22,391,421 shares of the mining company's stock worth $344,156,000 after purchasing an additional 1,083,831 shares during the last quarter. State Street Corp grew its holdings in Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company's stock worth $322,771,000 after purchasing an additional 3,295,448 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Cleveland-Cliffs by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 5,954,145 shares of the mining company's stock worth $129,621,000 after purchasing an additional 387,659 shares during the last quarter. Institutional investors own 61.21% of the company's stock. Insiders Place Their Bets
In related news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the firm's stock in a transaction dated Tuesday, August 16th. The stock was purchased at an average price of $19.36 per share, with a total value of $96,800.00. Following the completion of the purchase, the chief financial officer now owns 148,285 shares of the company's stock, valued at approximately $2,870,797.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.43% of the stock is owned by insiders. 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.See AlsoGet a free copy of the StockNews.com research report on Cleveland-Cliffs (CLF)What Steelcase's Earnings Say About the Return to the Office? The Institutions Hold On To Darden Restaurants International Is The Golden Age Of Homebuilding Already Over? These 3 Big Dividend Payers Also Boast Strong Price Growth Natural Gas Prices Continue To Rally, These Stocks Should Benefit
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