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

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

CLF stock traded up $0.09 during midday trading on Thursday, hitting $21.27. The stock had a trading volume of 1,162,836 shares, compared to its average volume of 25,078,352. The stock has a market cap of $10.62 billion, a price-to-earnings ratio of -177.25, a price-to-earnings-growth ratio of 0.16 and a beta of 2.32. The stock’s 50-day moving average price is $20.87. Cleveland-Cliffs has a 52-week low of $5.16 and a 52-week high of $24.77. The company has a current ratio of 2.00, a quick ratio of 0.66 and a debt-to-equity ratio of 2.11.

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

Several equities analysts have weighed in on the company. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective on the stock in a research note on Friday, June 25th. Argus began coverage on Cleveland-Cliffs in a research note on Thursday, July 8th. They set a “buy” rating and a $26.00 target price on the stock. UBS Group lifted their target price on Cleveland-Cliffs from $22.09 to $28.35 and gave the company a “buy” rating in a report on Thursday, June 10th. Bank of America initiated coverage on Cleveland-Cliffs in a research report on Monday, May 17th. They set a “buy” rating and a $25.00 price target for the company. Finally, B. Riley lifted their price target on 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $25.06.

Cleveland-Cliffs Company Profile

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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