B. Riley Decreases Earnings Estimates for Cleveland-Cliffs

Cleveland-Cliffs Inc. (NYSE:CLF) – Investment analysts at B. Riley lowered their Q4 2024 earnings per share estimates for shares of Cleveland-Cliffs in a research report issued to clients and investors on Tuesday, November 12th. B. Riley analyst L. Pipes now expects that the mining company will post earnings of ($0.49) per share for the quarter, down from their prior forecast of ($0.20). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.37) per share. B. Riley also issued estimates for Cleveland-Cliffs’ Q1 2025 earnings at ($0.24) EPS, Q2 2025 earnings at ($0.01) EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.25 EPS, FY2025 earnings at $0.13 EPS, Q1 2026 earnings at $0.50 EPS, Q2 2026 earnings at $0.50 EPS and Q3 2026 earnings at $0.51 EPS.

CLF has been the topic of a number of other research reports. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. 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. Finally, Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, five 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.com, the stock has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Trading Down 3.7 %

NYSE CLF opened at $11.04 on Thursday. The firm’s 50 day moving average price is $12.60 and its two-hundred day moving average price is $14.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of -11.38 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. The business’s quarterly revenue was down 18.5% compared to the same quarter last year.

Institutional Trading of Cleveland-Cliffs

Large investors have recently added to or reduced their stakes in the business. Sei Investments Co. boosted its holdings in Cleveland-Cliffs by 5.4% in the first quarter. Sei Investments Co. now owns 413,934 shares of the mining company’s stock worth $9,413,000 after purchasing an additional 21,262 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after acquiring an additional 177,198 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Cleveland-Cliffs by 0.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 494,275 shares of the mining company’s stock valued at $11,240,000 after acquiring an additional 3,459 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cleveland-Cliffs by 32.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 286,627 shares of the mining company’s stock valued at $6,518,000 after acquiring an additional 70,268 shares in the last quarter. Finally, Chesapeake Capital Corp IL lifted its holdings in Cleveland-Cliffs by 3.0% in the 1st quarter. Chesapeake Capital Corp IL now owns 33,482 shares of the mining company’s stock worth $761,000 after purchasing an additional 979 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

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.