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

Posted by Dee Baugher on Nov 6th, 2024

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

Cleveland-Cliffs Stock Down 11.5 %

CLF opened at $11.61 on Wednesday. Cleveland-Cliffs has a one year low of $10.21 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The company has a market capitalization of $5.43 billion, a PE ratio of -11.96 and a beta of 1.97. The stock’s fifty day moving average is $12.62 and its 200-day moving average is $14.58.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CLF. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, Citigroup dropped their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.56.

Check Out Our Latest Stock Analysis on CLF

About Cleveland-Cliffs

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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.