Cleveland-Cliffs Inc (NYSE:CLF) – Stock analysts at B. Riley raised their Q3 2019 earnings estimates for shares of Cleveland-Cliffs in a report issued on Thursday, April 25th. B. Riley analyst L. Pipes now anticipates that the mining company will post earnings of $0.68 per share for the quarter, up from their previous forecast of $0.60. B. Riley currently has a “Buy” rating and a $15.00 target price on the stock. B. Riley also issued estimates for Cleveland-Cliffs’ Q4 2019 earnings at $0.66 EPS.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, April 25th. The mining company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.06. The business had revenue of $157.00 million during the quarter, compared to the consensus estimate of $116.91 million. Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) EPS.
Other analysts also recently issued reports about the company. Credit Suisse Group upgraded Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and increased their price target for the company from $13.00 to $14.00 in a report on Friday. ValuEngine upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Jefferies Financial Group increased their price target on Cleveland-Cliffs from $11.50 to $13.75 and gave the company a “buy” rating in a report on Friday, February 8th. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Monday, April 1st. Finally, TheStreet upgraded Cleveland-Cliffs from a “c+” rating to a “b” rating in a research note on Wednesday, February 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $12.50.
CLF stock opened at $9.73 on Friday. The firm has a market cap of $2.76 billion, a PE ratio of 4.57 and a beta of 1.81. The company has a debt-to-equity ratio of 4.93, a current ratio of 3.16 and a quick ratio of 2.77. Cleveland-Cliffs has a 52 week low of $7.08 and a 52 week high of $13.10.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.20 annualized dividend and a dividend yield of 2.06%. Cleveland-Cliffs’s dividend payout ratio is presently 9.39%.
In other news, Director Susan Miranda Green sold 12,700 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total transaction of $127,762.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Koci bought 3,200 shares of the stock in a transaction dated Friday, February 15th. The shares were acquired at an average price of $11.23 per share, with a total value of $35,936.00. Following the completion of the purchase, the chief financial officer now directly owns 3,700 shares of the company’s stock, valued at $41,551. The disclosure for this purchase can be found here. 1.32% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs by 3.3% during the third quarter. Bank of New York Mellon Corp now owns 2,037,877 shares of the mining company’s stock valued at $25,801,000 after acquiring an additional 65,196 shares during the period. MetLife Investment Advisors LLC acquired a new position in Cleveland-Cliffs in the third quarter worth approximately $2,636,000. Key Square Capital Management LLC grew its position in Cleveland-Cliffs by 8.2% in the third quarter. Key Square Capital Management LLC now owns 2,083,810 shares of the mining company’s stock worth $26,381,000 after buying an additional 158,124 shares during the last quarter. Teachers Advisors LLC grew its position in Cleveland-Cliffs by 1.7% in the third quarter. Teachers Advisors LLC now owns 593,611 shares of the mining company’s stock worth $7,515,000 after buying an additional 9,693 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Cleveland-Cliffs by 4.8% in the third quarter. Nordea Investment Management AB now owns 875,941 shares of the mining company’s stock worth $11,090,000 after buying an additional 39,882 shares during the last quarter. Institutional investors own 73.25% of the company’s stock.
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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