Cleveland-Cliffs (NYSE:CLF) Announces Earnings Results, Misses Estimates By $0.02 EPS

Cleveland-Cliffs (NYSE:CLF) issued its quarterly earnings data on Thursday. The mining company reported $1.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.48 by ($0.02), MarketWatch Earnings reports. Cleveland-Cliffs had a positive return on equity of 10.98% and a negative net margin of 0.32%. The company had revenue of $5.05 billion during the quarter, compared to analysts’ expectations of $4.95 billion. During the same quarter last year, the business earned ($0.31) earnings per share. The business’s quarterly revenue was up 358.6% on a year-over-year basis.

CLF stock traded down $0.16 during trading on Thursday, hitting $21.02. 1,025,399 shares of the stock traded hands, compared to its average volume of 25,078,352. The stock has a market capitalization of $10.50 billion, a PE ratio of -163.08, a price-to-earnings-growth ratio of 0.16 and a beta of 2.32. The company has a current ratio of 2.00, a quick ratio of 0.66 and a debt-to-equity ratio of 2.11. Cleveland-Cliffs has a 1 year low of $5.16 and a 1 year high of $24.77. The stock has a 50 day simple moving average of $20.87.

CLF has been the subject of several research reports. JPMorgan Chase & Co. began coverage on Cleveland-Cliffs in a research report on Wednesday, June 16th. They issued an “overweight” rating and a $39.00 target price for the company. Exane BNP Paribas downgraded Cleveland-Cliffs from an “outperform” rating to a “neutral” rating in a report on Monday, April 19th. UBS Group boosted their target price on shares of Cleveland-Cliffs from $22.09 to $28.35 and gave the company a “buy” rating in a report on Thursday, June 10th. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a research note on Friday, June 25th. Finally, B. Riley lifted their price target on shares of Cleveland-Cliffs from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, April 26th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $25.06.

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 18,000 shares of the stock in a transaction on Tuesday, May 18th. The stock was sold at an average price of $20.39, for a total transaction of $367,020.00. Following the sale, the director now directly owns 91,082 shares in the company, valued at approximately $1,857,161.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John T. Baldwin sold 12,800 shares of Cleveland-Cliffs stock in a transaction on Thursday, June 10th. The stock was sold at an average price of $23.38, for a total value of $299,264.00. Following the completion of the sale, the director now directly owns 120,927 shares of the company’s stock, valued at approximately $2,827,273.26. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by company insiders.

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.

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Earnings History for Cleveland-Cliffs (NYSE:CLF)

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