Cleveland-Cliffs (NYSE:CLF) Posts Earnings Results, Misses Estimates By $0.04 EPS

Cleveland-Cliffs (NYSE:CLF) issued its quarterly earnings results on Monday. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.04), Zacks reports. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%.

Cleveland-Cliffs Trading Down 1.6 %

Shares of NYSE:CLF traded down $0.19 during midday trading on Monday, hitting $11.17. The company had a trading volume of 14,096,782 shares, compared to its average volume of 15,987,493. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs has a 12 month low of $8.99 and a 12 month high of $22.97. The firm has a fifty day simple moving average of $10.22 and a 200 day simple moving average of $11.71. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of -11.51 and a beta of 1.96.

Analyst Ratings Changes

CLF has been the subject of a number of research analyst reports. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a research note on Tuesday, January 7th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $16.68.

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.