Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) – Stock analysts at KeyCorp boosted their FY2023 EPS estimates for shares of Cleveland-Cliffs in a report released on Tuesday, January 24th. KeyCorp analyst P. Gibbs now anticipates that the mining company will post earnings of $1.90 per share for the year, up from their previous estimate of $1.60. The consensus estimate for Cleveland-Cliffs" current full-year earnings is $3.01 per share.
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Other equities analysts also recently issued reports about the stock. B. Riley lifted their price target on shares of Cleveland-Cliffs from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, December 23rd. StockNews.com started coverage on shares of Cleveland-Cliffs in a report on Wednesday, October 12th. They set a "hold" rating for the company. Exane BNP Paribas downgraded shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $14.30 target price for the company. in a research note on Tuesday, October 18th. Wolfe Research downgraded shares of Cleveland-Cliffs from a "peer perform" rating to an "underperform" rating and set a $12.00 target price for the company. in a research note on Wednesday, November 2nd. Finally, BNP Paribas raised shares of Cleveland-Cliffs from an "underperform" rating to a "neutral" rating and set a $21.00 target price for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company"s stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus target price of $22.03.
Cleveland-Cliffs Trading Up 1.6 %
Shares of CLF stock opened at $21.62 on Friday. Cleveland-Cliffs has a 12-month low of $11.82 and a 12-month high of $34.04. The company has a market capitalization of $11.14 billion, a P/E ratio of 4.69 and a beta of 2.13. The firm has a 50-day moving average price of $17.33 and a 200 day moving average price of $16.42. The company has a quick ratio of 0.78, a current ratio of 2.33 and a debt-to-equity ratio of 0.62.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.16). Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The firm had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.79 billion. During the same period in the prior year, the business earned $2.33 earnings per share. The company"s revenue for the quarter was down 5.8% on a year-over-year basis.
Institutional Investors Weigh In On Cleveland-Cliffs
A number of institutional investors and hedge funds have recently modified their holdings of CLF. Natixis Advisors L.P. raised its stake in shares of Cleveland-Cliffs by 39.8% during the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company"s stock worth $1,417,000 after buying an additional 12,531 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $486,000. Great West Life Assurance Co. Can raised its stake in shares of Cleveland-Cliffs by 12.7% during the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company"s stock worth $8,577,000 after buying an additional 29,178 shares during the last quarter. Cibc World Market Inc. grew its holdings in Cleveland-Cliffs by 1.1% during the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company"s stock valued at $1,873,000 after purchasing an additional 623 shares during the period. Finally, Blair William & Co. IL grew its holdings in Cleveland-Cliffs by 14.5% during the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company"s stock valued at $5,405,000 after purchasing an additional 21,233 shares during the period. 65.25% of the stock is owned by institutional investors.
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.
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